Navigator Holdings Ltd (Buy, TP: USD23.00) - Terminal ready, markets healthy
We forecast solid demand growth for the company’s transported products, supported by the EIA’s forecast of 15% and 4% average US ethane and LPG export growth for 2025–2026. Thus, coupled with a low 8% orderbook in the HGC segment, we find the prospects favourable. We estimate a 2025–2026 FCFE yield of 12–15%, suggesting upside to the Q3 yield of 2%. We reiterate our BUY and have raised our target price to USD23 (22).
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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