We reiterate Hold following the Q2 report. Dividends continue to get all the focus, which resulted in the market sending HAUTO 6% up on Friday. We keep our estimates relatively flat ahead (lower 2025 EBITDA by 5%), but lift our DPS by 12% this year, 1% next year and 3% in ’27… as vessel sales continue to boost distributions in the short term. The stock is offering a P/E of 6.1x next year and 9.1x in ’27. This car carrier cycle has lasted longer than anybody could imagine, but we are closing in o ....
