We reiterate Buy and lift our TP to USD 25.0/sh ahead of the Q1 report. Like VLGC owners, NVGS is perfectly positioned by being able to sell cheap US gas while the price of naphtha is skyrocketing in Asia due to the Hormuz disruptions. Export volumes out of the US continue to fly higher and with a ~60% spot share, we believe that NVGS could be in a position to boost short-term earnings in the wake of the Hormuz shortfall. When including gains, the stock is at a P/E of 6.9x (adj. P/E of 12.5x) an ....
