DHT Holdings (Hold, TP: USD5.70) - NAV support but soft markets
Following the Q1 results, we have updated our estimates, lowering our EBITDA throughout our forecast period. We find DHT’s recent vessel sales supportive of our current NAV of USD7.1/share, which would suggest that the stock is trading at a P/NAV of 0.7x. However, we find VLCC values hinging on a cyclical recovery, as we still see a lack of scrapping and seaborne crude oil exports tracking below the 2015–2019 average. We reiterate our HOLD, but have lowered our target price to USD5.7 (6.0).
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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