Arctic: Flex LNG - Dividend flex still going strong

研报英文原文证据摘录

Arctic: Flex LNG - Dividend flex still going strong

Flex LNG Buy Hold

FLNG US | LNG | Equity Company Update | 13 May 2026 | 21:53 Sell

Dividend flex still going strong Financials and estimates changes Target $ 28.50 (25.00)

Flex continues to pay out a quarterly DPS of 75 cents. The company has capitalized on the Key Figures (USDm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

market strength with now ~4.2 years of firm contract backlog on average, while only 9% of Recommendation Hold

Revenue 353.0 335.3 351.1 359.3 374.2 Target Price $ 28.50 (25.00)

the days are open throughout the remainder of this year. We arrive at USD 267m in EBITDA,

EBITDA 273.3 252.4 266.5 274.7 289.3 Share Price 31.67

more or less spot on mid-point of guidance, and raise our TP to USD 28.5/sh. Our updated EBIT 197.8 175.8 186.7 193.8 208.2 Upside (%) (10.0)

TP reflects a P/E of 13.2x in ’26 and a running yield of 10.5%. EPS 2.19 1.38 2.15 2.30 2.66 Market cap (NOKm) 15,708

Adj. EBITDA 273.3 252.4 266.5 274.7 289.3 Enterprise Value (m) 3,141Another good year soon in the books

Adj. EBITDA margin (%) 77.4 75.3 75.9 76.4 77.3 Number of shares (m) 54

Some commentators, including us, believed the Hormuz closure would send rates spiralling down,

Adj. EPS 2.37 1.87 2.11 2.30 2.66

resulting in an uncertain 2026 for FLNG which had 22% of its days open when it reported Q4 12 months share price performance: Revenue growth (%) (4.4) (5.0) 4.7 2.3 4.1

figures. However, since then the company has added backlog, resulting in only two vessels being EPS growth (%) (2.3) (36.7) 55.6 6.7 15.8 Performance (%) 3M 6M 1Y

US 25.2% 28.7% 46.1%

NYA 25.3% 28.7% 46.0%open from Q3 in 2026 (9% open days). We arrive at a 2026 EBITDA of USD 267m. This is above 413.33 FLNG