We have raised our Chemical Tankers rate estimates on the c7% increase QOQ in Q1 and with expectations for further growth in Q2, supported by an outlook for improved chemical production and limited supply ahead. We estimate a double-digit dividend yield through 2026e despite a modest payout ratio, and believe Odfjell screens as an attractive exposure to the tanker segment at an average 2024–2025e EV/EBITDA of 3.7x, versus the broader tanker peer group at 4.5x. We reiterate our BUY, and have rais...
We have marginally increased our revenue estimates and revised our cost assumptions, owing to the Q1 results. With no surprises related to the Red Sea disruption or the Baltimore bridge accident, focus should shift to shareholder distributions. The revised dividend policy allows for extraordinary dividends at the board’s discretion, something we have not seen before, and the first possibility could be in connection with Q2. We calculate cNOK25/share in excess cash today, potentially on top of N...
We have updated our estimates following the Q1 report and latest commercial update. We remain concerned about the outlook for the dry bulk market, versus the elevated vessel valuations and sentiment. On our numbers, 2020 Bulkers is valued at P/NAV 1.06x, above the peer group average of ~0.86x. Despite the company boasting impressive financial strength and a modern fleet with associated earnings premiums to buffer lower freight rates, we remain cautious on the potential downside should market tai...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
Unifiedpost is a niche SaaS player in the e-invoicing and procurement channel space. Regulatory headwinds mean this market is ripe for growth, which should benefit Unifiedpost. Due to some unsuccessful past M&A, the company is in a challenging financial position today. However, it has recently embarked on a divestment path, aiming to streamline the business and improve its fundamentals. We like the new direction, however prefer to take a wait-and-see approach. - ...
>Ex disposals, Q1 results roughly in-line with expectations - Revenues in 24Q1 have fallen to $ 240.4m, down from $ 340m in 23Q1. Net revenues (after voyage expense) in 24Q1 have fallen to $ 203.5m (AAOB $ 197.9m) from $ 305.1m in 23Q1.EBITDA is reported at $ 550.5m but excluding disposal gain of $ 407.6m amounts to $ 142.9m (BB consensus $ 150m), down from $ 258.5m in 23Q1Net profit in 24Q1 has jumped to $ 495.0m (AAOB $ 492.6m) primarily thanks to the $ 40...
The Q1 report revealed strong operations to maximise the value of the company’s unique three-legged market position, providing attractive exposure to upside potential in strong shipping markets, while diversifying possible downside risk. Bulkers and tankers are seeing a constructive supply story over the coming years, while regulations monetise KCC’s unrivalled efficiency. Thus, we find KCC remains undervalued and we reiterate our BUY. We have raised our target price to NOK137 (124).
We value Himalaya’s top-modern fleet at a NAV of NOK116/share, including our NPV of its LNG dual-fuel, and arrive at a 0.77x P/NAV and 0.9x EV/GAV. With its highly attractive 7-year fixed-rate financing and potential premium earnings from LNG fuel (and scrubbers), we find the company partly shielded from the softer freight markets we expect medium-term. However, due to sector headwinds, we have downgraded to HOLD (BUY), but raised our target price to NOK99 (88).
AB InBev: Busy BEES. Ahold Delhaize: Small beat, comforting confirmation of 2024 guidance. AMG: 1Q24 better than expected, FY guidance intact, strategic projects on schedule. Bekaert: Soft start to the year with 7% sales miss, FY guidance maintained. Euronav: Transformation at full speed. Marel: Another lacklustre quarter. Montea: 2025 guidance raised, valuations moving into positive territory. SBM Offshore: In-line Q1 trading update. Sif Group: Preview - normal quarter e...
SFL - Invitation to Presentation of Q1 2024 Results SFL Corporation Ltd. ("SFL" or the “Company”) (NYSE: SFL) plans to release its preliminary financial results for the first quarter of 2024 on Tuesday, May 14, 2024. SFL plans to host a conference call and webcast for all stakeholders and interested parties on Tuesday, May 14, 2024, at 10:00 AM (EST) / 4:00 PM (CET). Relevant material will on the same day be available from the Investor Relations section of the Company’s website at In order to listen to the conference call and presentation, you may do one of the following: A: Join Confere...
Major Risk-On Developments; Bullish Outlook Intact Over the past two weeks we have discussed the possibility that further downside was limited (4/23/24 Compass) and the mounting evidence that suggests the lows may be in for this pullback (4/30/24 Compass). Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below. As a result, we continue to believe the lows are in for this pullback, and we see the pullback to the 100-day MA on t...
Avance Gas agrees one-year Time Charter for Chinook Hamilton, Bermuda May 7, 2024 Avance Gas Holding Ltd ("Avance Gas" or the "Company") (OSE: AGAS) today announce that it has extended the variable Time Charter for the VLGC Chinook (built 2015) expiring July 2024 by one year with an energy major. The new Time Charter period thus aligning with the drydocking window for the ship expected to take place mid-2025. For further queries, please contact: Media contact: Øystein Kalleklev, CEO, Tel: Investor and Analyst contact: Randi Navdal Bekkelund, CFO, Tel: ABOUT AVANCE G...
We have raised our near-term estimates on current market strength. However, fundamental Chinese import demand continues to be in question, while we believe the elevated asset values and improved P/NAV create a precarious situation for the months ahead. Hence, we see a deteriorating risk/reward and remain materially below consensus for 2025e. We have downgraded to HOLD (BUY), but raised our target price to USD27.0 (25.0) on recent market tailwinds.
While we believe Genco remains a discounted entry into dry bulk exposure at a P/NAV of 0.77x, the recent share price rise and freight market strength have put more focus on the downside risks to our dry bulk sector outlook. Genco is set for a solid first half of the year on our estimates, but we find the risk/reward less attractive medium-term. Hence, we have downgraded to HOLD (BUY), but raised our target price to USD22.6 (22.5).
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