We are below consensus ahead of the Q1 results. We expect the company to report an EPU of USD 2.23, representing a sequential drop of 42%. However, this still reflects a run-rate P/E of ~2.6x, in what we believe will be the weakest quarter of 2023. At the current share price, the share is trading at a charter adj. P/NAV of 0.22x. We reiterate Buy and keep our TP unchanged at USD 50/unit.
