DHT Holdings Minor model adjustments
We have revised our estimates owing to the Q2 report and our updated fuel spreads. After accounting for the Q3 guidance, we forecast Q3 EBITDA of ~USD63m, ~9% below consensus. Further, consensus’ Q4 figures imply an average TCE of ~USD70k/day, hence reflecting a marked improvement to current levels and possibly downward revisions if markets fail to accommodate expectations. However, we believe supportive fundamentals remain intact as we move towards the seasonally stronger year-end. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have tweaked our target price from USD14.5 to USD14.6.
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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