MPC Container Ships (Hold, TP: NOK14.90) - HOLD as peak cycle nears
Ahead of the Q1 report, we have raised our 2021–2022e EBITDA by an average of 34% following MPCC’s recent fleet employment guidance and higher TCE freight rate estimates (results due prior to market open on 20 May). In our view, converging asset values and timecharter rates should set up asset values for near-term appreciation. However, we find it prudent to include a discount as we see peak valuation nearing and thus have downgraded to HOLD (BUY) but have raised our target price to NOK14.9 (8.2).
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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