DHT Holdings (Buy, TP: USD10.40) - Course set for the upcycle
We have raised our 2022e EBITDA by 43% following the recent upturn in VLCC rates. We remain bullish on tanker valuations, with DHT trading at a P/NAV of 0.89x, given potential for a shrinking valuation gap compounded by rising asset values into what we believe will be a long-awaited upcycle spurred by the EU’s embargo on Russian crude oil and products from December 2022 and February 2023, respectively. We reiterate our BUY and have raised our target price to USD10.4 (10.1).
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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