DHT Holdings (Buy, TP: USD10.10) - Buoyed by strengthening market
We have raised our 2022e EBITDA by 8% following the Q2 report, supported by recent market tailwinds, with VLCC rates now in positive territory (~USD17k/day). DHT plans to retrofit eight ECO VLCCs with scrubbers over Q4 2022–Q1 2023, positioning it to benefit from a positive longer-term market outlook in our opinion – while estimating a ~3-year payback period for the retrofitting on the VLSFO/HSFO forward curve. We reiterate our BUY and have raised our target price to USD10.1 (9.9).
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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