Seaport Global Securities Starts GasLog Ltd. (GLOG) at Neutral
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Seaport Global Securities initiates coverage on GasLog Ltd. (NYSE: GLOG) with a Neutral rating and a price target of $18.00.
Analyst Magnus Fyhr commented, "We are initiating coverage of GLOG with a Neutral rating and $18 price target. GLOG is a leading LNG shipping company operating a modern fleet of LNG carriers. We believe the LNG shipping market is in the early stages of a multi-year recovery driven by new LNG projects in Australia and the United States. With a high quality fleet and a strong financial platform, we believe GLOG is well positioned for a recovery in the LNG shipping market while exploring opportunities in the FSRU market. GLOG employs 79% of its fleet on long-term charters with a blue-chip customer base providing good earnings visibility. While we believe GLOG shares are fairly valued at 12.3x 2017 EV/EBITDA and a 22.8% premium to our adjusted NAV estimate, we believe a potential recovery in the LNG shipping market as well as an expansion into the FSRU market could serve as potential catalysts. Our $18 price target is based on GLOG trading at 12.5x 2017 EV/EBITDA plus forward dividends>"
Shares of GasLog Ltd. closed at $16.40 yesterday.
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