Drewry Maritime Equity Research - COAL OF AFRICA LTD (CZA) ... Nakilat - Solid revenue backlog drives resilient earnings

Report

Santosh Gupta

Nakilat - Solid revenue backlog drives resilient earnings

Nakilat’s cost optimisation efforts have yielded positive results this year. The company’s opex per day declined by 17.6% between 4Q19
and 3Q20 to USD 17,416pd. The company has taken over operational maintenance of six LNG vessels from Shell in 9M2020 despite the
challenges imposed due to COVID-19. In addition, the company’s general and administrative expenses dwindled 32.8% YoY in 3Q20. We
expect operating expenses to decrease further as the company will eventually overtake operational maintenance of the remaining nine
LNG vessels from Shell. As such, we project Nakilat’s adjusted EBITDA margin to expand from 70.7% in 2019 to 82% in 2022.

26/11/2020 15 EN

Underlyings

COAL OF AFRICA LTD

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Qatar Gas Transport Co.

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QA000A0KD6L1 Qatar Exchange Qatar

Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

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Analysts

Santosh Gupta

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Nakilat - Solid revenue backlog drives resilient earnings

Qatar Gas Transport (Nakilat): 1 director

QGTS QD | Fairly priced; Cut to Neutral post rally

Nakilat - 3Q21 Result Update

Westports_Result Update 3Q22

Star Bulk Carriers - Changing our view to Neutral as market gets challenging in 2023

Nordic American Tankers to benefit from improved supply-demand fundamentals of mid-sized tankers

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