DHT Holdings (Buy, TP: USD7.10) - Bridging the trough
In our view, DHT has used the strong earnings in Q2 wisely to reduce its net debt, whilst rewarding shareholders. Accounting for timecharters, spot cash breakeven levels until 2021e are well below our rate forecasts, thus effectively bridging what we see as the trough before rates pick up towards 2022e. Following a change of analyst, we reiterate our BUY, but have cut our target price to USD7.10 (7.60).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.