FLEX LNG Minor model adjustments We reiterate our estimates ahead of the Q4 report, due before market opening on 28 February. Given the guidance for Q4 earnings given in the Q3 report, we maintain our USD35m revenue assumption (3% above Bloomberg consensus of USD34m). At the current share price, FLEX LNG’s vessels are valued USD183m, below the current newbuild price of USD188m (delivered cost). Thus, the market is not adding any premium to the vessels on the water or for the attractive delivery profile, which we find unjustified. We reiterate our BUY recommendation and NOK23.6 target price.