DHT Holdings (Buy, TP: USD12.50) - First-rate tanker exposure
DHT’s conservative leverage, superior cost structure, and premium-earning vessels facilitates ~USD800m in FCFE (45% of market cap) generation through 2025, of which ~70% should be heading out to investors from DHT’s plentiful dividend policy. This leaves ample headroom for net debt to turn negative before end-2025 on our forecast. We reiterate our BUY and have raised our target price to USD12.5 (12.4).
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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