DHT Holdings (Buy, TP: USD6.90) - Wanting more
DHT prudently has lowered its cash breakeven by investing in its balance sheet during the previous upcycle, and is now reaping the benefits as benchmark VLCC rates struggle. The company’s recent acquisitions keep us wanting more – raising its market-adjusted leverage during the downturn whilst modernising its fleet. We reiterate our BUY and have lifted our target price to USD6.9 (6.6).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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