On the back of increased estimates, reflecting MPCC’s updated charter backlog and rates for uncovered days well below current 3yr TC levels, we upgrade MPCC to Buy (Hold) and lift our TP to NOK 33 (12.6). Our updated TP reflects end-2023e NAV using NB parity values (marking down current fleet value by ~39%). In the all-time high container market, dividends are high on MPCC’s agenda, and we estimate ~19%/~22% yield for ‘22/’23 assuming 75% payout.
