MPC Container Ships (Buy, TP: NOK8.20) - 2021e looking solid
Following the Q4 report, we have updated our estimates to account for MPCC’s fleet employment and our near-term charter rate expectations. Our 2021e EBITDA is up 25%, to USD110m, which is above consensus (USD100m) and the mid-point of MPCC’s guidance (USD105m). We expect the recent decoupling between soaring time-charter rates and asset values to abate and thus reiterate our BUY and raise our target price to NOK8.2 (7.4). Our target price is in line with our one-year forward NAV, reflecting a 10% increase in asset values.
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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