mp2019 schrieb 24.04.24, 09:42
Value Value Value : )
Höegh Autoliners improves dividend policy to 100% FCF, distributing over 70% of market capitalization in the next two years.
PCTC market experiencing tightness with strong demand expected in the coming years, particularly in Asian car exports.
Höegh Autoliners maintains strong financial position, with potential for attractive dividend yields and a fair value of $14.
Aerial top view car carrier vessel at night, rows of new cars at night waiting to be dispatch and shipped import export new cars.
Investment Thesis
The car carriers segment is facing a capacity deficit similar to containers during the covid boom. However, unlike containers, the demand in this sector appears promising in the longer term, with a substantial order book expected to be seamlessly absorbed. Seizing these favorable conditions, Höegh Autoliners has improved their dividend policy to 100% FCF, enabling the distribution of over 70% of their market capitalization within the next two years.
Business Overview
Höegh Autoliners ASA is a prominent provider of ocean transportation services within the Roll-on Roll-off (RoRo) segment such as cars, high and heavy machinery and breakbulk. As of now, the company operates fleet of 35 Pure Car and Truck Carrier (PCTC) vessels, with 12 newbuilds ordered.
Höegh Autoliners is a family company that dates back to 1927 when Leif Høegh established Leif Höegh & Co. Initially, the company focused on owning and operating oil tankers and after several transformations in the 1960s, the company introduced a new transportation concepts such as the lift on/lift off vessels for car transportation. In 2021, the company changed its entity name to Höegh Autoliners ASA and was listed on Euronext Growth. Leif Höegh & Co remains as the main shareholder with 35.5% outstanding shares, after divesting 6.04% in a recent transaction.
Höegh Autoliners is working to reduce emissions with th...
https://seekingalpha.com/article/4685061-hoegh-autoliners-dont-be-fooled-by-q1-dividend-reduction-value-still-there
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