Tilbake til: Shipping
Innlegg av: Mannje (07.08.17 10:35 ), lest 6790 ganger
Ticker: AVANCE

AVANCE-NORDEA KURSMÅL 45 KR

Her er det bare å laste inn:
Avance Gas Buy
Industry (GICS): Marine Target price: NOK 45.00
Sector (Nordea): Shipping and Transportation Fair value: NOK 58
The lead analyst of this report, Axel Styrman, is the brother of the President of Avance Gas Holding Ltd.
Key info
Country Norway
Bloomberg AGHL NO
Reuters AVANCE.OL
Free Float 78%
Share price (close): NOK 20.39
Market cap. (bn) USD 0.16/NOK 1.32
Company website www.avancegas.com
Next report date 29 Aug 2017
Nordea Markets - Analysts
Axel Styrman +47 22 48 79 46
Director, Sector Coordinator
axel.styrman@nordea.com
Rune Sand +47 22 48 79 73
Senior Analyst
rune.sand@nordea.com
Absolute and relative performance (1Y)
Aug 16 Dec 16 Apr 17
12
16
20
24
28
32
36
Avance Gas
Oslo Exchange All share (Rebased)
Source: Thomson Reuters
-1M -6M YTD
Absolute -7.3% -23.9% -23.0%
Relative -4.0% -23.8% -22.9%
Source: Thomson Reuters
Fleet growth is falling sharply
The order book for VLGCs is contracting and from Q4 2017 until Q4
2018, fleet growth will be insignificant (2-3%). At the same time, the US
continues to increase its exports of LPG and a rising share of these
volumes are being shipped to Asia, which means longer transportation
distances and demands. We expect capacity utilisation to bottom out in
Q4 and we continue to forecast more than a y/y doubling of spot rates
in 2018. We reiterate our Buy recommendation with an unchanged,
multiple-based target price of NOK 45.