Arctic initiates Havila Kystruten with PT 1.73 Nok
Arctic research headline summary:
IoC: Every storm runs out of rain
After several challenging years due to factors out of management’s control, the refinancing this summer enabled the company to take delivery of the final 2x vessels in August while also ensuring a sufficient liquidity buffer. HKY now has four state-of-the-art vessels on a contract with the Norwegian government running through 2030. On our figures, the company should be able to ramp up utilization without any further equity injections. Once the leverage ratios start dropping to more comfortable levels, refinancing will be the clear catalyst for a re-rating of the stock.
We initiate coverage with a Buy recommendation and a TP of NOK 1.73.
IoC: Every storm runs out of rain
After several challenging years due to factors out of management’s control, the refinancing this summer enabled the company to take delivery of the final 2x vessels in August while also ensuring a sufficient liquidity buffer. HKY now has four state-of-the-art vessels on a contract with the Norwegian government running through 2030. On our figures, the company should be able to ramp up utilization without any further equity injections. Once the leverage ratios start dropping to more comfortable levels, refinancing will be the clear catalyst for a re-rating of the stock.
We initiate coverage with a Buy recommendation and a TP of NOK 1.73.
NordicGuy
05.12.2023 kl 11:05
4732
Fearnley Research Summary from today:
3q23 was the quarter where the final pieces of the puzzle were put together. All vessels are now in operation, with 4q23 poised to be the first fully operational quarter in the company’s history. Adjusting 3q23 numbers for incurred XO costs such as legal costs and fees, EBITDA almost broke even, coming in at NOK -1m (legal fees of NOK 35m booked in other opex). Looking into 4q23, we hike our occupancy estimate somewhat to 59% (56%) on the back of decent bookings QTD, though, higher costs leave our EBITDA estimate slightly down 3% to NOK 40m.
HKY is largely a 2024 story, and considering strong pre-bookings of 45%, the company is arguably on track to reach our occupancy estimate of 75% for the year. This should alleviate some pressure on the 4q24 Tranche B maturity (albeit 100% guaranteed by largest shareholder). Moreover, with all four vessels in full operations, contractual revenues will now rise. We maintain our Buy recommendation and keep our TP to NOK 1.80/sh unchanged (NOK 1.80/sh, 03.10.2023)
3q23 was the quarter where the final pieces of the puzzle were put together. All vessels are now in operation, with 4q23 poised to be the first fully operational quarter in the company’s history. Adjusting 3q23 numbers for incurred XO costs such as legal costs and fees, EBITDA almost broke even, coming in at NOK -1m (legal fees of NOK 35m booked in other opex). Looking into 4q23, we hike our occupancy estimate somewhat to 59% (56%) on the back of decent bookings QTD, though, higher costs leave our EBITDA estimate slightly down 3% to NOK 40m.
HKY is largely a 2024 story, and considering strong pre-bookings of 45%, the company is arguably on track to reach our occupancy estimate of 75% for the year. This should alleviate some pressure on the 4q24 Tranche B maturity (albeit 100% guaranteed by largest shareholder). Moreover, with all four vessels in full operations, contractual revenues will now rise. We maintain our Buy recommendation and keep our TP to NOK 1.80/sh unchanged (NOK 1.80/sh, 03.10.2023)
skadi
05.12.2023 kl 16:49
4657
Litt for mange feil på de skip der at aksjekursen skal bevege seg oppover.
Jabbefly
05.12.2023 kl 17:31
4631
Tipper det utgjør en bra kjøpsmulighet. Og ikke minst trolig en nyttårsrakett
Jabbefly
07.12.2023 kl 08:30
4523
Trader Svein Egil Larsen har kjøpt nesten 900 000 aksjer de siste dagene.... det bør være et bra kjøpssignal
BLOODLINE
08.12.2023 kl 09:03
4420
Han selger når du lokker andre til å kjøpe, inkl han selv listen for 2 dager siden viser at denne fyren bare sitter å hausser og får andre til å kjøpe mens han selv selger: HKY SELACO AS -78.371 777.443 0,1
Redigert 08.12.2023 kl 09:22
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Jabbefly
08.12.2023 kl 10:03
4380
Mulig det, men Fredriksen, Fredly, Falnes, Midelfart og Skorstad har økt siste mnd
BLOODLINE
08.12.2023 kl 13:42
4318
Dei er ute før du aner det, her kommer en ny emisjon slik jeg har fortstått det. Leser at bare rentekost for Hky stjeler 50% av inntektene og dette er før opex og capex er betalt. En her går en tom for penger utover 2024.
NordicGuy
02.01.2024 kl 15:48
3868
Very interesting article in the Financial Times on 22/12/23 - very bullish for Cruise operators - should help HKY at some point
"Carnival and Royal Caribbean, the two sector leaders, are among the top 10 performers on the S&P 500 this year. Their shares are up 141 per cent and 161 per cent, respectively, while smaller rival Norwegian Cruise Line has gained 77 per cent."
Carnival: plain sailing for cruise operators
DECEMBER 22 2023
Having been nearly sunk by the pandemic, the cruise industry is buoyant again. Carnival and Royal Caribbean, the two sector leaders, are among the top 10 performers on the S&P 500 this year. Their shares are up 141 per cent and 161 per cent, respectively, while smaller rival Norwegian Cruise Line has gained 77 per cent.
Between 2020 and 2022, the three companies collectively lost $50bn as bookings plunged and trips were cancelled. But the industry currently has several things going in its favour.
Experience-based spending — particularly travel — is holding up. Florida-based Carnival this week reported an average 101 per cent occupancy rate during the fourth quarter, compared to 85 per cent last year and 104 per cent in 2019. Net yield, or the revenue per passenger per cruise day, excluding costs, for the period was 6 per cent higher than 2019.
Demand has remained robust, with two-thirds of 2024 occupancy already booked and at considerably higher prices, Carnival said.
Meanwhile, fuel prices have been coming down. Carnival’s fuel cost per metric tonne in 2023 was about 16 per cent lower than 2022. Demographics are also on its side as baby boomers splurge on cruises.
Yet despite the impressive run, only Royal Caribbean is near its pre-pandemic high. Both Carnival and Norwegian remain about two-thirds lower than their peaks.
High debt levels might be giving investors pause. Cruise operators had to borrow heavily during the pandemic. Carnival has about $28.5bn of long-term debt. The $2bn it spent on interest expenses in the fiscal year contributed to the $74mn net loss. Its enterprise value-to-ebitda multiple of 12 times remains substantially higher than its pre-pandemic multiple of around 8 times.
Despite a heavy liabilities load, the cruise industry sails surprisingly smoothly. Improving cash flow enables the industry to pay down its debt. Given this, Carnival will leave remaining pessimists in its wake.
"Carnival and Royal Caribbean, the two sector leaders, are among the top 10 performers on the S&P 500 this year. Their shares are up 141 per cent and 161 per cent, respectively, while smaller rival Norwegian Cruise Line has gained 77 per cent."
Carnival: plain sailing for cruise operators
DECEMBER 22 2023
Having been nearly sunk by the pandemic, the cruise industry is buoyant again. Carnival and Royal Caribbean, the two sector leaders, are among the top 10 performers on the S&P 500 this year. Their shares are up 141 per cent and 161 per cent, respectively, while smaller rival Norwegian Cruise Line has gained 77 per cent.
Between 2020 and 2022, the three companies collectively lost $50bn as bookings plunged and trips were cancelled. But the industry currently has several things going in its favour.
Experience-based spending — particularly travel — is holding up. Florida-based Carnival this week reported an average 101 per cent occupancy rate during the fourth quarter, compared to 85 per cent last year and 104 per cent in 2019. Net yield, or the revenue per passenger per cruise day, excluding costs, for the period was 6 per cent higher than 2019.
Demand has remained robust, with two-thirds of 2024 occupancy already booked and at considerably higher prices, Carnival said.
Meanwhile, fuel prices have been coming down. Carnival’s fuel cost per metric tonne in 2023 was about 16 per cent lower than 2022. Demographics are also on its side as baby boomers splurge on cruises.
Yet despite the impressive run, only Royal Caribbean is near its pre-pandemic high. Both Carnival and Norwegian remain about two-thirds lower than their peaks.
High debt levels might be giving investors pause. Cruise operators had to borrow heavily during the pandemic. Carnival has about $28.5bn of long-term debt. The $2bn it spent on interest expenses in the fiscal year contributed to the $74mn net loss. Its enterprise value-to-ebitda multiple of 12 times remains substantially higher than its pre-pandemic multiple of around 8 times.
Despite a heavy liabilities load, the cruise industry sails surprisingly smoothly. Improving cash flow enables the industry to pay down its debt. Given this, Carnival will leave remaining pessimists in its wake.
NordicGuy
30.01.2024 kl 16:41
3610
Summary of the Fearnley Research from December 23
All About the Long-Term Story
What’s new: 3q23 review – Buy maintained, TP unchanged at NOK 1.80/sh
Our take: With all four vessels in full operation, contract revenues are set to increase. Strong
2024 pre-bookings mean our 75% occupancy estimate is well within reach.
• Final quarter without all vessels in operations
• Strong 2024 outlook, 45% of capacity already booked
• Contract revenues to increase into 4q23, ’24 looks solid at 7.2x EV/EBITDA
3q23 was the quarter where the final pieces of the puzzle were put together. All
vessels are now in operation, with 4q23 poised to be the first fully operational
quarter in the company’s history. Adjusting 3q23 numbers for incurred XO costs
such as legal costs and fees, EBITDA almost broke even, coming in at NOK -1m (legal
fees of NOK 35m booked in other opex). Looking into 4q23, we hike our occupancy
estimate somewhat to 59% (56%) on the back of decent bookings QTD, though,
higher costs leave our EBITDA estimate slightly down 3% to NOK 40m.
HKY is largely a 2024 story, and considering strong pre-bookings of 45%, the
company is arguably on track to reach our occupancy estimate of 75% for the year.
This should alleviate some pressure on the 4q24 Tranche B maturity (albeit 100%
guaranteed by largest shareholder). Moreover, with all four vessels in full
operations, contractual revenues will now rise. We maintain our Buy
recommendation and keep our TP to NOK 1.80/sh unchanged (NOK 1.80/sh,
03.10.2023).
All About the Long-Term Story
What’s new: 3q23 review – Buy maintained, TP unchanged at NOK 1.80/sh
Our take: With all four vessels in full operation, contract revenues are set to increase. Strong
2024 pre-bookings mean our 75% occupancy estimate is well within reach.
• Final quarter without all vessels in operations
• Strong 2024 outlook, 45% of capacity already booked
• Contract revenues to increase into 4q23, ’24 looks solid at 7.2x EV/EBITDA
3q23 was the quarter where the final pieces of the puzzle were put together. All
vessels are now in operation, with 4q23 poised to be the first fully operational
quarter in the company’s history. Adjusting 3q23 numbers for incurred XO costs
such as legal costs and fees, EBITDA almost broke even, coming in at NOK -1m (legal
fees of NOK 35m booked in other opex). Looking into 4q23, we hike our occupancy
estimate somewhat to 59% (56%) on the back of decent bookings QTD, though,
higher costs leave our EBITDA estimate slightly down 3% to NOK 40m.
HKY is largely a 2024 story, and considering strong pre-bookings of 45%, the
company is arguably on track to reach our occupancy estimate of 75% for the year.
This should alleviate some pressure on the 4q24 Tranche B maturity (albeit 100%
guaranteed by largest shareholder). Moreover, with all four vessels in full
operations, contractual revenues will now rise. We maintain our Buy
recommendation and keep our TP to NOK 1.80/sh unchanged (NOK 1.80/sh,
03.10.2023).
NordicGuy
01.03.2024 kl 09:51
3428
HAV appoints new CFO - very positive
HAV did not communicate much with its shareholders. The appointment of the new CFO should change that. I heard from the company today that improved market communication should be one of the main roles of the new CFO. POSITIVE
https://www.mynewsdesk.com/havilavoyages/pressreleases/havila-voyages-strengthens-its-management-team-3307407?
HAV did not communicate much with its shareholders. The appointment of the new CFO should change that. I heard from the company today that improved market communication should be one of the main roles of the new CFO. POSITIVE
https://www.mynewsdesk.com/havilavoyages/pressreleases/havila-voyages-strengthens-its-management-team-3307407?
NordicGuy
18.04.2024 kl 10:25
3100
Today Announcement:
Operationally, the positive trend in bookings continues, with occupancy for the
first quarter of 2024 ending at 68%, up from 60% in the fourth quarter of 2023.
In total for the year, 63% of capacity is now booked, and an average occupancy
of just under 80% is expected for 2024.
Q1 will be the first ever EBITDA positive Q
Operationally, the positive trend in bookings continues, with occupancy for the
first quarter of 2024 ending at 68%, up from 60% in the fourth quarter of 2023.
In total for the year, 63% of capacity is now booked, and an average occupancy
of just under 80% is expected for 2024.
Q1 will be the first ever EBITDA positive Q
LV-Invest
30.04.2024 kl 10:33
3001
HKY kurs siger stille, rolig nesten ubemerket oppover. 0,84 p.t. Fire uker igjen til Q1 rapport. Hvor langt tror vi den kan komme innen Q1 rapport? 1 krone?
Redigert 30.04.2024 kl 10:33
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desirata
15.05.2024 kl 14:26
2855
Hva skjer i HKY, har ligget stille lenge.
Kan deg være bedre tall på vei ?
Kan deg være bedre tall på vei ?
NordicGuy
28.05.2024 kl 11:34
2697
HKY reports on Friday. SHould be the first EBITDA positive quarter. Very bullish.
top idea in NOrway this week:
https://fitinvestmentideas.com/2023/10/05/fearnley-and-arctic-bullish-on-havila-kystruten/
top idea in NOrway this week:
https://fitinvestmentideas.com/2023/10/05/fearnley-and-arctic-bullish-on-havila-kystruten/
NordicGuy
28.05.2024 kl 14:04
2652
FT Today:
Royal Caribian up 80% in last 12 months
Carnival up 35% in the last 12 months
HKY is the next big mover!
Friday should announce the first EBITDA positive quarter
Royal Caribian up 80% in last 12 months
Carnival up 35% in the last 12 months
HKY is the next big mover!
Friday should announce the first EBITDA positive quarter
NordicGuy
31.05.2024 kl 10:27
2544
HKY mgmt right now:
We will most likely breakeven on EBITDA in Q2
We will most likely breakeven on EBITDA in Q2
NordicGuy
01.08.2024 kl 08:59
2254
Goldman Sachs today on Norweigan Cruises - bullish for HKY!
Norwegian Cruise Line Holdings (NCLH): 2Q24 Review: Raising estimates on continued pricing momentum
1 August 2024 | 2:27AM EDT
Bottom line: NCLH showed solid pricing momentum, raising guidance for the third time
Norwegian Cruise Line Holdings (NCLH): 2Q24 Review: Raising estimates on continued pricing momentum
1 August 2024 | 2:27AM EDT
Bottom line: NCLH showed solid pricing momentum, raising guidance for the third time
NordicGuy
04.09.2024 kl 16:33
1999
Today research by Montega today:
Substantial operational improvements behind expectations
but with encouraging trend and positive implications for 2025
Havila Kystruten AS released the figures for Q2 on Thursday, 29th after market close,
and held an earnings call the following day. The occupancy rate in Q2 was below our
expectations, which was the primary factor contributing to the discrepancy in our
forecast. While earnings improvement is slower than initially expected, KPIs are moving
in the right direction and supporting our investment case.
Havila Kystruten AS - Q2 2024 Q2/24 Q2/24e Q2/23 yoy
Operating Revenue 272.4 321.2 128.9 111.2%
Contractual Revenue 96.9 96.9 34.2 124.3%
EBITDA 58.4 92.7-15.3 n.m.
Source: Company, Montega
Operational revenue of 272.4 m NOK in Q2 missed our forecast due to lower than
expected occupancy in the quarter (69% vs. >80%). This shortfall could not be offset by
the higher than anticipated cabin revenue of 5,200 NOK (MONe: ~4,900 NOK). In addition
to the impact of round trip cancellations of Havila Pollux, which we had already
factored in, the north-south route is still experiencing below-average occupancy.
Furthermore, the company is also affected by higher than expected cancellations in
group allotments that have been challenging to re-sell at short notice. This has led
management to lower its full-year occupancy expectations to 75%, down from just
below 80% previously. The lower revenue was the primary factor contributing to the
EBITDA miss, as OPEX remained par with Q1/24 despite slightly higher occupancy (Q1/24:
68%).
Supporting factors for H2 and 2025 ff.: In our initiation report we stated that we believe
Havila's substantial competitive advantages will compound over time. Although we
would have welcomed a steeper earnings development this year we feel obliged to
remind ourselves of this assessment, given the overall encouraging trajectory and the
expectation that some short term constraints will abate in the coming quarters. In the
call, management quantified the negative sales effect from the spillover of
cancellations in 2023 to approx. 60 m NOK, which equates EBITDA in our view.
Additionally, the unfavourable LNG hedging is estimated to have incurred a cost of ca.
20 m NOK in H1. As the company is now able to buy at spot price due to the loosening of
restrictions on its financing agreements, this should support EBITDA in H2. Meanwhile,
bookings for 2025 are developing ahead of expectations which should also be
supported by Havila's inclusion in TIME's annual list of the world's greatest places in
2024.
Change in estimates: We have lowered our projections for 2024 due to the miss in
estimates for Q2 and to reflect the lowered guidance of occupancy for the full year. At
the same time, we are rolling the lower LNG-cost in H2 over to the following years.
Conclusion: Overall, the sequential improvement is encouraging, albeit slower than
initially expected. Q3 looks set to see a further increase in sales and profitability,
providing positive news flow and a foundation for the expected refinancing in 2025,
which should re-rate the share price. We reiterate our Buy rating with a slightly lowered
PT of NOK 2.50.
Substantial operational improvements behind expectations
but with encouraging trend and positive implications for 2025
Havila Kystruten AS released the figures for Q2 on Thursday, 29th after market close,
and held an earnings call the following day. The occupancy rate in Q2 was below our
expectations, which was the primary factor contributing to the discrepancy in our
forecast. While earnings improvement is slower than initially expected, KPIs are moving
in the right direction and supporting our investment case.
Havila Kystruten AS - Q2 2024 Q2/24 Q2/24e Q2/23 yoy
Operating Revenue 272.4 321.2 128.9 111.2%
Contractual Revenue 96.9 96.9 34.2 124.3%
EBITDA 58.4 92.7-15.3 n.m.
Source: Company, Montega
Operational revenue of 272.4 m NOK in Q2 missed our forecast due to lower than
expected occupancy in the quarter (69% vs. >80%). This shortfall could not be offset by
the higher than anticipated cabin revenue of 5,200 NOK (MONe: ~4,900 NOK). In addition
to the impact of round trip cancellations of Havila Pollux, which we had already
factored in, the north-south route is still experiencing below-average occupancy.
Furthermore, the company is also affected by higher than expected cancellations in
group allotments that have been challenging to re-sell at short notice. This has led
management to lower its full-year occupancy expectations to 75%, down from just
below 80% previously. The lower revenue was the primary factor contributing to the
EBITDA miss, as OPEX remained par with Q1/24 despite slightly higher occupancy (Q1/24:
68%).
Supporting factors for H2 and 2025 ff.: In our initiation report we stated that we believe
Havila's substantial competitive advantages will compound over time. Although we
would have welcomed a steeper earnings development this year we feel obliged to
remind ourselves of this assessment, given the overall encouraging trajectory and the
expectation that some short term constraints will abate in the coming quarters. In the
call, management quantified the negative sales effect from the spillover of
cancellations in 2023 to approx. 60 m NOK, which equates EBITDA in our view.
Additionally, the unfavourable LNG hedging is estimated to have incurred a cost of ca.
20 m NOK in H1. As the company is now able to buy at spot price due to the loosening of
restrictions on its financing agreements, this should support EBITDA in H2. Meanwhile,
bookings for 2025 are developing ahead of expectations which should also be
supported by Havila's inclusion in TIME's annual list of the world's greatest places in
2024.
Change in estimates: We have lowered our projections for 2024 due to the miss in
estimates for Q2 and to reflect the lowered guidance of occupancy for the full year. At
the same time, we are rolling the lower LNG-cost in H2 over to the following years.
Conclusion: Overall, the sequential improvement is encouraging, albeit slower than
initially expected. Q3 looks set to see a further increase in sales and profitability,
providing positive news flow and a foundation for the expected refinancing in 2025,
which should re-rate the share price. We reiterate our Buy rating with a slightly lowered
PT of NOK 2.50.
NordicGuy
10.09.2024 kl 14:50
1480
NordicGuy
10.09.2024 kl 16:22
1413
Spoke to the analyst today. The management is planning to do simple changes to increase average revenue per room. There is a demand for luxury on the boats and there are some easy fixes to increase premium offering of HKY.
I am very bullish
I am very bullish
NordicGuy
26.09.2024 kl 09:43
1029
Pressemelding - 25. september 2024
Havila Voyages wins the “Kreuzfahrtguide Award” 2024 in the Sustainability category
The Norwegian cruise company Havila Voyages was honoured at this year's “Kreuzfahrtguide Award” in the sustainability category for its ship Havila Pollux – and thus for its clear vision for sustainable cruise tourism. The award ceremony took place in Hamburg, where Pia Kuusisto, Havila Voyages‘ Head of Sales In Germany, accepted the prize. With this award, the jury recognizes Havila Voyages’ outstanding efforts to make the cruise industry more environmentally friendly by using innovative technologies.
NordicGuy
08.10.2024 kl 14:48
427
Very positive. Conde Nast has a great reach. Should transfer to more demand for Havila
NYHET - 8. OKTOBER 2024
Havila Voyages recognized with Condé Nast Traveler 2024 Readers' Choice Award
Condé Nast Traveler has announced the results of its annual Readers’ Choice Awards naming Havila Voyages,a one-of-a-kind collection of four hybrid ships offering eco-friendly voyages along the stunning Norwegian coast, as #10 out of 24 in best in the “Medium Ships” category. Having debuted their final two ships in 2023, this recognition within the prestigious global program has been achieved within the first year Havila Voyages has had the full fleet in operation.
"It is a true honor to be recognized by such a highly esteemed awards program. Our team has worked hard to develop an energy-efficient way to allow more travelers to experience the beauty and culture of the Norwegian coastline and we are thrilled to have received such a positive response in our first full year in operation," said Bent Martini, CEO of Havila Voyages.
“As we look to 2025, we’re eager to continue welcoming travelers to our uniquely sustainable onboard experiences and approach to enjoying the rich nature and culture of the region.”
More than 570,000 Condé Nast Traveler readers across the United States submitted responses rating their travel experiences across the globe to offer a comprehensive look at the places they eagerly anticipate revisiting. The Readers’ Choice Awards, with their unparalleled legacy as the travel industry’s longest running and most prestigious accolades, remain the ultimate symbol and acknowledgement of excellence within the travel sector. The full list of winners can be found here.
NYHET - 8. OKTOBER 2024
Havila Voyages recognized with Condé Nast Traveler 2024 Readers' Choice Award
Condé Nast Traveler has announced the results of its annual Readers’ Choice Awards naming Havila Voyages,a one-of-a-kind collection of four hybrid ships offering eco-friendly voyages along the stunning Norwegian coast, as #10 out of 24 in best in the “Medium Ships” category. Having debuted their final two ships in 2023, this recognition within the prestigious global program has been achieved within the first year Havila Voyages has had the full fleet in operation.
"It is a true honor to be recognized by such a highly esteemed awards program. Our team has worked hard to develop an energy-efficient way to allow more travelers to experience the beauty and culture of the Norwegian coastline and we are thrilled to have received such a positive response in our first full year in operation," said Bent Martini, CEO of Havila Voyages.
“As we look to 2025, we’re eager to continue welcoming travelers to our uniquely sustainable onboard experiences and approach to enjoying the rich nature and culture of the region.”
More than 570,000 Condé Nast Traveler readers across the United States submitted responses rating their travel experiences across the globe to offer a comprehensive look at the places they eagerly anticipate revisiting. The Readers’ Choice Awards, with their unparalleled legacy as the travel industry’s longest running and most prestigious accolades, remain the ultimate symbol and acknowledgement of excellence within the travel sector. The full list of winners can be found here.
NordicGuy
09.10.2024 kl 09:26
363
Fearnley today:
Moving in the Right Direction
• 2Q the first quarter with positive EBTIDA
• Cabin pricing to be firm in 3Q, with 4Q well covered also
• Upcoming refinancing could unlock significant equity value
HKY reported their first quarter posting positive EBITDA in 2Q, outperforming
on price performance. We believe prices will remain firm in 3Q, though slightly
offset by our lower occupancy estimates (FSest. 76% vs. 89% previously). This
should result in an EBITDA well north of NOK 100m, we believe. Though
interest costs continue to weigh on the financial statements, a refi of the
Tranche A EUR 255m loan is now hardly more than a year out. Albeit there is
not much earnings history yet, should 2Q performance be something to go by,
a refinancing should be done at a lower interest rate margin, we believe.
Moving in the Right Direction
• 2Q the first quarter with positive EBTIDA
• Cabin pricing to be firm in 3Q, with 4Q well covered also
• Upcoming refinancing could unlock significant equity value
HKY reported their first quarter posting positive EBITDA in 2Q, outperforming
on price performance. We believe prices will remain firm in 3Q, though slightly
offset by our lower occupancy estimates (FSest. 76% vs. 89% previously). This
should result in an EBITDA well north of NOK 100m, we believe. Though
interest costs continue to weigh on the financial statements, a refi of the
Tranche A EUR 255m loan is now hardly more than a year out. Albeit there is
not much earnings history yet, should 2Q performance be something to go by,
a refinancing should be done at a lower interest rate margin, we believe.
Byzantin
29.10.2024 kl 09:19
171
Her går det temmelig bratt nedover dag etter dag. Noen som vet hva som ligger bak - er det emisjonsfaren som spøker? Har selv sittet i ro og pådratt meg et bra papirtap i denne, men på et eller annet tidspunkt må det vel være tid for å kjøpe mere/ snittte ned.
Redigert 29.10.2024 kl 09:23
Du må logge inn for å svare
d12m
29.10.2024 kl 09:26
155
Ikke så rart at det går bratt nedover. EK er vel tapt og gjelden er den som bestemmer i selskapet? (og det har vært rimelig klart siden i vinter). Sævik eier gjelden og her lukter det konvertering på kriiiiserabatt, spør du meg. Er bare å se på hva som skjer i Havila Shipping