UPDATE: Goldman Sachs Raises PT on GasLog Following 2Q Results
In a report published Wednesday, Goldman Sachs analyst Nick Edelman reiterated a Buy rating on GasLog Ltd. (NYSE: GLOG), and raised the price target from $15.50 to $16.20.
In the report, Goldman Sachs noted, “We update our estimates following 2Q results and to reflect the two recently announced charter contracts with BG. While 2Q results were in line with our expectations, we raise our 12m price target from US$15.5 to US$16.2 (20% upside) to account for the new contracts and reiterate our Buy rating. On 1.1x P/B for a 17% ROE and 9% dividend yield in 2017E (once GLOG's fleet is fully delivered), we continue to view GLOG as an inexpensive way to gain exposure to the long-term growth in LNG trade. While offering a stable cash flow profile through long-term charter contracts, GLOG will grow its EPS at a 37% CAGR 2013-17E, on our estimates.”
GasLog Ltd. closed on Tuesday at $13.51.
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