DHT Holdings (Hold, TP: USD5.80) - Well placed to withstand headwinds
Following the Q4 report, we believe DHT Holdings is well placed to withstand continued market headwinds, with a robust cash breakeven spot rate of USD10.9k/day. We also believe scrapping should lead the way out of the darkness, with a potential 92 VLCC-equivalents scrapping candidates, motivated by 2022 starting off even worse than last year. Still, the company sees valuation support from strong underlying asset values, with the stock trading below NAV (0.78x). We reiterate our HOLD, but have raised our target price to USD5.8 (5.2).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.