DHT Holdings (Buy, TP: USD5.10) - Ahead of the curve
We have lowered our 2018 estimates due to lower than expected rates QTD, while DHT Holdings has secured refinancing at favourable terms to lower 2019–2021 debt amortisation by nearly USD300m, preserving its competitive cash break-even levels. US crude exports are up 75% YOY for Q1, and US sanctions on Iran look set to ease OPEC cuts. We reiterate our BUY and have cut our target price to USD5.10 (USD5.20).
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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