We make minor adjustments on the back of the Q2 print. Incorporating the company’s Q3 bookings lifts our EBITDA to USD 231.3m (old: USD 224.6m), leaving us 18% above consensus, while we have an adj. EPS of USD 3.62/sh (+37% vs Cons.). Cash flow generation remains incredibly strong, which is set to benefit shareholders by elevated distributions. While one might argue that a 10% premium to NAV seems demanding, the company is trading below 1yr fwd NAV, which we find manageable. This, combined with ....
