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Nicolay Dyvik
  • Nicolay Dyvik

Avance Gas (Buy, TP: NOK28.00) - Higher utilisation into 2018e

We reiterate our BUY recommendation and NOK28 target price, finding the stock attractive at 0.58x our current NAV of NOK36. We forecast US LPG production to increase by 7.6m tonnes in 2018e or ~2.0x our estimated level for 2017e which, notwithstanding uncertainty around US domestic consumption, should leave sufficient volumes for exports to lift rates.

Nicolay Dyvik
  • Nicolay Dyvik

It's coming, but with a slight time lag

75% of US LPG production derives from gas plant production, which lags behind PADD 3 US shale oil production. Hence, LPG volumes should still be coming – most likely by Q4. We reiterate our view of a gradual recovery in VLGC rates.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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