DHT Holdings (Buy, TP: USD7.60) - 2020e asset values in focus
We are slightly below Bloomberg consensus (3%) on EBITDA for the Q3 results (due after market close on 1 November). The crude tanker market has improved faster than we had anticipated, and we now look to our 2020 asset value forecasts for our NAV valuation. Thus, we have raised our target price to USD7.60 (USD6.30) and reiterate our BUY recommendation.
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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