MPC Container Ships (Buy, TP: NOK70.00) - Heavyweight, and still gaining
We have updated our model for the latest vessel acquisitions, bringing the fleet to 68 vessels, up from 41 in January. A USD300m credit facility was announced in the Q1 presentation that paves the way for further opportunistic growth. Our 2019e DPS indicates a 12% yield on the current share price, and the feeder market balance looks promising. We reiterate our BUY and have raised our target price to NOK70 (66).
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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