Event in Progress:
Discover the latest content that has just been published on Research Tree
Q3/20 results in line with market estimates Challenging near-term market trends OSG positioned to handle short term softness Bonds to trade in line with the market
Companies: AMSC ASA
Arctic Securities
EBITDA of USD 21.5m (+1% vs ARCe, +1% vs Cons.) Adj. EPS of USD 0.08 (ARCe: USD 0.09, Cons.: USD 0.09) Dividend of USD 0.10/sh as expected Challenging near-term trends; all vessels contracted until Dec ’22 or beyond
EBITDA of USD 21.2m (+1% vs Cons) DPS of USD 0.1/sh in line with expectations More deleveraging capacity post refinancing Neutral Q2/20 but AMSC 2025’s are lagging the market
Adj. earnings in line with estimates Raising the quarterly dividend by 25% to USD 0.10 as expected Further upside in dividend potential following debt refinancing The share should trade in line with the market on the back of the report
Credit neutral report, figures in line with consensus Swapped USD 220m of its bank debt to 5y fixed rate with LIBOR at 0.493% AMSC remains insulated from Covid-19 AMSC 2022 (+899bp) is one of our top picks in the shipping space
Q1 results in line with estimates Stable dividend of USD 0.08/share as expected Successful closing of bank debt refinancing AMSC remains insulated with all vessels on bareboat charter to OSG
Q4 figures in line Receives commitment to refinance its bank debt Sees continued gradual tightening in the Jones Act market Bonds should outperform the Norwegian High Yield market
Q4 results in line with estimates Stable dividend of USD 0.08/share as expected Firm commitment from lenders to refinance bank debt Continued gradual tightening in the Jones Act tanker market
Nordic High Yield shipping players are set mostly set for a deleveraging both from a cash flow and asset coverage perspective. On average, shipping issuers will see a 3.0x decline in NIBD/EBITDA, going from 7.4x to 4.4x, while Net LTV will decline from 62% to 58%. With the ESG sell of completed during 2019, we believe shipping bonds are set for tighter spreads going forward.
Companies: EURN BOREF DSZ 0JE5 0A27
So far, IMO 2020 has played out largely as anticipated with tankers reaping the benefits of increased refinery demand and bulkers struggling with higher fuel costs (still early days). Looking ahead, we are particularly upbeat about the tanker and LPG markets, where we see healthy fundamentals on the back of encouraging demand trends and sliding orderbooks. Our list of top equity picks include GLNG, AMSC, OCY, DHT and LPG stocks.
Companies: EURN A07 BW9 0QQA 0UC0 0HDY ADS A61 D8EN 0DA S0QA 0DQB 0J77 0JE5 0JI3 0Q4G 0A27
Research Tree provides access to ongoing research coverage, media content and regulatory news on AMSC ASA. We currently have 49 research reports from 1 professional analysts.
Share: