MPC Container Ships (Buy, TP: NOK5.90) - Set to reap the benefits
MPC expects 40 vessels to renew their charter hires by end-Q2 2021, with the majority tilted towards the larger segments. On our estimates, however, we expect a 2021e EBITDA of USD79m, rising to USD107m if using current timecharter rates in Q2–Q4 2021e, illustrating the company’s operational leverage. We reiterate our BUY and have raised our target price to NOK5.9 (5.2), removing our discount as we see asset values closing the gap to timecharter rates.
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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