Not cooling down We have raised our Q4 2018

Volf
FLNG 30.11.2018 kl 14:49 1406

Sakset fra DNB engelske analyser.

FLEX LNG Not cooling down We have raised our Q4 2018e TCE rate in line with the guidance and our Q1 2019e TCE rate to USD100k/day (USD74k/day), and as a result 2018–2019e EBITDA by 14% and 7%, respectively. With headline rates hovering around USD200k/day and arbitrage structures closing, we see downside risk near-term, but a good 2019–2020e with increasing utilisation. We reiterate our BUY and have raised our target price to NOK23.6.
Q4e TCE rate lifted in line with guidance. We have raised 2018e EBITDA by 14% and net profit by 66% on the back of the revenue guidance for Q4, which we translate to a TCE rate of USD135k/day. We have also increased 2019e EBITDA by 7%, as we have raised Q1 2019e earnings, with a TCE rate of USD100k/day (USD74k/day).
Catalysts falling in line. In a few years, FLEX have increased its fleet from two to 13 vessels, raised its market cap to USD1bn, and gained chartering capabilities. The US listing is in the works, and the vessels are opportunistically employed to benefit from the market upturn. We believe the discount on earnings multiples to Gaslog should close going forward.
Fleet growth to decline into 2019… We count 39 vessels scheduled for delivery in 2019, less than 50 (some still in orderbook) deliveries this year, as we estimate 2019e fleet growth of 7%. We count only five spot ships for 2019 and 19 for 2020.
…and liquefaction capacity sooner than expected. Since our September 2018 sector report, some delays have been reported, and most recently the Cameron LNG, which has been delayed several times and is now scheduled for Q3 2019. However, this looks to be more than offset by liquefaction capacity coming on stream faster than anticipated. Both Cheniere’s Sabine Pass Train 5 and Corpus Christi Train 1 will likely produce LNG before Christmas, six months ahead of its guiding in May. In addition, Yamal LNG’s Train 3 is also likely to produce first LNG prior to Christmas, 12 months ahead of schedule.
BUY reiterated and target price raised to NOK23.6 (NOK22.3), based on 8x our Q4 2020e run-rate EPS of NOK23.6 (NOK22.3), lifted on FX. We calculate a current NAV of NOK16/share (previously NOK15/share).
BUY
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Triton
30.11.2018 kl 16:38 1304

Over 2mil aksjer skiftet eiere i sluttauksjonen
k2b
30.11.2018 kl 17:33 1257

Hvordan er tankene her på forumet i forbindelse med avslutningen i dag15,1 (åpning 15,45 og dermed nedtrekk) og åpning og videre ferd på mandag 3desember?
Er vi på en ny nedadgående kurve etter en så fin oppgang de siste dagene?