DHT Holdings (Hold, TP: USD6.80) - Well placed, but on muted outlook
In our view, DHT’s Q4 guidance exposed overly optimistic sell-side consensus for the remainder of 2021. However, given yesterday’s share price performance, investors are seemingly looking past Q4 as DHT it still trading at a P/NAV of 1.0x at what we deem relatively healthy asset values. We remain conservative for 2022e, but find DHT well positioned for any market outcome. We reiterate our HOLD and USD6.8 target price.
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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