Navigator Holdings Ltd - Initiation of coverage -
Navigator Gas is a world-leading owner and operator of handysize liquified gas carriers, exposed to the growing natural gas liquids (NGL) and ammonia markets, with a diversified income stream through its 50% ownership in an export terminal. We find the company trading at a solid discount to peers, at a 0.61x P/NAV and 4.5x 2025–2026e EV/EBITDA (peer group: 0.85x and 6.0x, respectively). We initiate coverage with a BUY and USD22 target price.
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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