DHT Holdings Minor model adjustments
We have updated our estimates ahead of the Q2 results (expected 8 August), and are 6% below Bloomberg consensus on Q2 EBITDA, and 11% below on net profit. The seasonal trough for crude tanker rates is during the summer months, and we are positive on the market outlook from here as the side effects of new regulations begin to play out. DHT Holdings is trading at 0.9x its current NAV, and we see upside potential to asset values underpinning our maintained USD7.9 target price and 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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