We reiterate Buy with an unchanged TP of USD 18.0/sh. After close on 13 March, NVGS will report its Q4 figures and we are largely in line with consensus. In our view, the NVGS equity story is set to crystallise as we close in on 2025. On our figures, the stock is offering at 41% discount to NAV of USD 25.6/sh, suggesting a good entry point from an asset point of view. Once the terminal expansion is completed, we model a 2025 FCFE yield of 16%, while the stock is trading at a 4% dividend yield no ....
