MPC Container Ships (Hold, TP: NOK16.70) - 2022e EBITDA to surpass 2021e
In our view, MPCC’s announced charter coverage illustrates an impressive increase in durations and freight rate levels. Consequently, we have raised our 2022e EBITDA to USD173m, well above our estimate of USD154m in 2021, due to our expectation of MPCC booking attractive charters for its remaining vessels that go off contract in 2021 (excluding pool vessels). However, we find the stock fairly valued and thus reiterate our HOLD but have lifted our target price to NOK16.7 (14.9).
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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