MPC Container Ships (Buy, TP: NOK24.4) - Market outlook has caught up
Ahead of the Q3 results, due prior to market open on 18 November, we have updated our near-term charter-employment forecasts to account for more forward fixings as congestion endures. Hence, we have lifted our 2022–2023e EBITDA by 9–13% and find the current valuation at a steep disconnect to underlying asset values, while seeing potential upside to our forecast EBITDA contributions from vessels rolling off charters. We have upgraded to BUY (HOLD), but lowered our target price to NOK24.4 (27.0).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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