Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
  • TickerEURN
  • ISINBE0003816338
  • ExchangeEuronext Brussels
  • SectorIndustrial Transportation
  • CountryBelgium
ING
ING Helpdesk

Benelux Morning Notes

Balta: Trading update for Covid-19. Bekaert: Selling Hemiksem site for €23m cash, €36m revenue gain. Euronav: Buying its own shares

Nicolay Dyvik

50% NIBD reduction in two years

We have upgraded our crude tanker stocks to BUY (HOLD) as the global crude inventory build looks to be only 25% of what we feared in April, and the recovery in oil demand and oil prices offers upside potential when OPEC+ volumes rebound. The tanker peer group implies a VLCC resale value of USD84m, near the low.

Euronav: 1 director sold

A director at Euronav sold 170,000 shares at 9.038EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

ING
Quirijn Mulder

Euronav/Strong period ahead/BUY

Euronav's 1Q20 was stronger than expected and also the outlook is attractive with VLCC rates supported by demand for offshore storage. However, the share price is now considerably below its adjusted NAV. In our view, the market is too fearful of a downturn, whereas we believe that the current conditions are really good both for the short term and long term. We keep our BUY rating but raise our TP to €11.0 from €8.50 previously, which gives including an incredible 34% dividend yield based on an 80% pay-out ratio an upside of 57%.

Increased risk weighs on EURONAV NV, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of EURONAV NV (BE), active in the Marine Transportation industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 12, 2020, the closing price was EUR 8.93 and its target price was estimated at EUR 7.19.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Bullish Outlook Intact Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US equity market. At this point in time, the rising tensions have done virtually no damage to the bullish trends and indicators that continue to dominate the market. We remain bullish. • 10-Year Treasury. The 10-year yield has fallen to logical support at the uptrend or 1.75%, a level we expect to hold. A breakdown would raise concerns of a deeper pullback for US equities... see chart below. • Gold Testing Key Resistance. Gold pri...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Market remains in purgatory Purgatory is a reference we have used to describe the state of the market numerous times throughout 2019, and we believe this remains the case. Technical signals continue to suggest that while there are little-to-no signs for us to expect impending doom (economic data notwithstanding), there is also little to suggest an imminent broad market rally. Until these signals begin leading us one way or the other, our neutral outlook remains appropriate. • Small-caps, Transports, Banks. Small-caps underperforming large-caps remains on our list of concerns as it has for mo...

Euronav: 1 director sold

A director at Euronav sold 170,000 shares at 9.038EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

ING
ING Helpdesk

Benelux Morning Notes

Balta: Trading update for Covid-19. Bekaert: Selling Hemiksem site for €23m cash, €36m revenue gain. Euronav: Buying its own shares

Nicolay Dyvik

50% NIBD reduction in two years

We have upgraded our crude tanker stocks to BUY (HOLD) as the global crude inventory build looks to be only 25% of what we feared in April, and the recovery in oil demand and oil prices offers upside potential when OPEC+ volumes rebound. The tanker peer group implies a VLCC resale value of USD84m, near the low.

ING
Quirijn Mulder

Euronav/Strong period ahead/BUY

Euronav's 1Q20 was stronger than expected and also the outlook is attractive with VLCC rates supported by demand for offshore storage. However, the share price is now considerably below its adjusted NAV. In our view, the market is too fearful of a downturn, whereas we believe that the current conditions are really good both for the short term and long term. We keep our BUY rating but raise our TP to €11.0 from €8.50 previously, which gives including an incredible 34% dividend yield based on an 80% pay-out ratio an upside of 57%.

Nicolay Dyvik

Euronav (Hold, TP: USD11.00) - Sustainable dividends exposure

We believe Euronav offers the best sustainable dividends exposure of the crude tankers we cover, given its low market-adjusted leverage and fixed dividend policy of 80% of EPS. We forecast dividends of USD2.18/share in H1. We reiterate our HOLD and USD11 target price.

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman

Morning Note: BEFB BB, BREB BB, EURN BB, ENX FP, GLPG NA, HEIJM NA, INGA NA, OXUR BB, QRF BB

Befimmo: 1Q20 no COVID impact but divi guidance revised Brederode: 1Q20: PE remains resilient Euronav: 1Q20 Conference Call Feedback/Sells VLCC Euronext: Elevated April trading volumes Galapagos: Clinical slowdown : Cash burn slows down Heijmans: Starting the year on the right foot ING: Weathering well the storm so far (1Q results) Oxurion: 1Q20 – THR-149 phII start shifts to 2H20 (Covid-19) Qrf: 1Q20 qualitative trading update

Frank Maaø ...
  • Joachim Gunell
  • Mats Bye
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn

Northern Lights

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Håkon Astrup ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Increased risk weighs on EURONAV NV, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of EURONAV NV (BE), active in the Marine Transportation industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 12, 2020, the closing price was EUR 8.93 and its target price was estimated at EUR 7.19.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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