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Latest research

Date
Reason
Reason
Industry
Document sector
Pages
Pages
When
Date
Text
Report by
Analyst21
Analyst2
Analyst3
Analyst4

Reason
Update
Industry
Gas
Pages
32
When
2021-01-14T15:27:46+2
What’s new: Breaking down the bits and pieces of the new NFE.
Our take: PF EBITDA of USD 0.9bn and a clear path to USD 1.5bn+ on largely unchanged EV (USD 16bn). Buy reiterated, lifting TP to USD 71 reflecting HYGO upside and higher multiples.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Energy
Pages
85
When
2021-01-14T09:22:43+2


Industry
Gas
Pages
6
When
2021-01-13T15:02:10+2
NFE acquires HYGO and GMLP for a combined USD 5.3bn (fully delivered basis) and an attractive 8x EV/ EBITDA (FSest). With two thirds of the equity portion being in shares, this is a highly accretive transaction for NFE considering the stock trades at 33x/ 24x ‘21/’22 EV/ EBITDA, respectively. With the GMLP equity portion to be covered by debt, the USD 0.6bn cash outlay associated with HYGO is largely covered by the recent USD 0.5bn equity/ bond issuance. All-in all a well-timed transaction for NFE, bringing further scale through Hygo’s Brazilian business and GMLP’s FSRU/ FLNG operations. We take our Buy recommendation and TP USD 40 under review.For GLNG (Buy, TP USD 18) the HYGO price is above the IPO range of USD 1.8-2.1bn, despite the loss of the NHY contract (FSest USD 0.3bn value). Therefore, the transaction is also accretive for GLNG, as we doubt a much better IPO price could have been achieved within the next 3-6 months. Albeit GLNG only receives USD 50m in cash, they will own NFE stock worth USD 1.1bnm or USD 11/sh (transaction valued NFE at USD 51/sh vs. close y’day at USD 58.5). Against that there is a marginal loan of USD 100m, implying GLNG has an equity buffer of USD 0.9bn post the transaction. Expect GLNG to rally on this, and obviously also bullish for the ’22 CB. Finally, GMLP is acquired for USD 3.55/sh in an all-cash offer, 27% above close y’day. Here, NFE will refinance the entire debt structure, implying that the USD 400m in outstanding bonds will be taken out at par (trading low to mid 80s’).
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst

Industry
Offshore/Oil Services
Pages
60
When
2021-01-12T08:48:01+2


Industry
Fixed Income
Pages
41
When
2021-01-12T08:20:53+2


Reason
Results preview
Industry
Nordic Aquaculture
Pages
21
When
2021-01-12T07:37:48+2
What’s new: 4q20 Trading Update Preview / Looking to 2022 for normalized earnings
Our take: The pandemic continues to impact fundamentals into 1h21, though positive vaccine news is set to normalize the market by 2022. Reiterate Hold.
Report by
Nils Thommesen, Analyst

Industry
Shipping
Pages
100
When
2021-01-11T09:17:58+2


Reason
Update
Industry
Containers
Pages
15
When
2021-01-08T15:46:51+2
What’s new: Complete refinance of ’22 notes
Our take: Interest savings and lower amortization opens up for dividends. We expect GSL to be the highest yielding leasing name. Lifting FY’21 EPS with 33%, raising TP to USD 16. Buy
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
Services
Pages
8
When
2021-01-08T07:44:29+2

Øystein Vaagen, Analyst

Industry
Energy
Pages
79
When
2021-01-07T08:58:12+2


Industry
Fixed Income
Pages
41
When
2021-01-05T09:14:34+2


Industry
Renewable energy
Pages
23
When
2021-01-05T08:56:54+2
What’s new: Top ideas for 2021
Our take: Global net-zero targets have created one of the greatest backdrops in financial markets ever, we believe. Thus, paving the way for strong share performances this year
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Industry
Offshore/Oil Services
Pages
60
When
2021-01-05T08:51:26+2


Industry
Energy
Pages
21
When
2021-01-05T08:44:52+2
What’s new: 2020 recap. 2021 highlights across segments
Our take: Positive rates of change in oil should send oil back to USD 60-70/bbl in 2h21. That paints a rosier picture than meets the eye in most segments. Selective Buy
Report by
Gustaf Amlé, Equity and Credit Analyst
Jørgen Torstensen , Analyst

Industry
Shipping
Pages
97
When
2021-01-04T09:15:12+2


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VLGC Market Outlook with Fearnresearch

Our Equity Analyst, Peder Nicolai Jarlsby and Senior Analyst LPG, Martin Kjendlie goes in-depth on the booming VLGC market. Watch the full video in our research portal.

Published

October 16, 2019