Shipping — Februar 2023
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AVANCE GAS: Kepler øker kursmålet til NOK 87 (85), gjentar kjøp.
BW LPG: Kepler øker kursmålet til NOK 121 (108), gjentar kjøp. Xtrainvestor
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HAFNIA: Danske Bank øker kursmålet til NOK 85 (81), gjentar kjøp.
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BWLPG: Focus on dividends, soon to be net debt free…
• We expect EBITDA of USD 156m and EPS of USD 0.79 for Q4, from average
VLGC rates of ~USD 56,000/day. They are rumoured to have sold another 3x
older VLGCs in recent months – which would effectively make them debt free
by Q1. -
Expect focus on the expanding trading business – and potential
acquisitions. At USD 70,000/day in Q1 we could see them generate near USD
1/share of EPS there as well – and the majority of this should be paid out as
dividend. BW LPG’s NAV is now ~NOK 120 and with our revised estimates EPS
for 2023 would be USD 1.12 (roughly twice our November-22 estimate). -
With reports of dual-fuel newbuilds being delayed and some even struggling
with downtime upon delivery – the market outlook through Q2 looks strong
• While our Q1 estimate of USD 70,000/day looks fair, Q2 and Q3 of 30 –
25,000/day appear conservative – and although we still struggle to recall any
commodity shipping market that has successfully absorbed ~15% fleet growth
in ~12 months – it will take longer for the negativity to set in than we thought -
AH du betaler udbytteskat i Norge og DK. De tilbageholder 10% som er TRUKKET inden du modtager udbytte. De 10% skal du søge om at få tilbage og det er med 5 års tilbagevirkende kraft tror jeg. "Det er dog sådan, at Norge tilbageholder 25 procent, selvom du kun skal betale 15 procent i Norge. Differencen på 10 procent skal du tilbagesøge hos den norske stat"
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