Global Ports - Recovery Marches On
We update our Global Ports model to account for container market trends and the company's volume dynamics. We believe the market is set to grow further in 2018 and beyond, supported by the economic recovery, a relatively stable exchange rate and lower interest rates, which should buoy consumer demand and hence imports. Global Ports, which posted a utilization rate of just 35% in 9m17, stands to benefit greatly from additional import volumes, as competitors' capacity utilization rates are already high. We raise our target price from $5.55 to $6.63 per GDR in view of the positive outlook for the container market and lower WACC and keep our BUY recommendation.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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