DHT Holdings Minor model adjustments
We largely maintain our 2024e EBITDA estimate on the back of the company’s Q2 business update, recent VLCC freight market trends, and our updated fuel spreads, while we have lowered our 2025-2026e by 1%. We do not consider these changes to be material, and we have not changed our BUY recommendation or USD14.5 target price.Q2 preview. We are in line with consensus Q2 EBITDA and expect few surprises, as most headline figures have been pre-announced. We estimate a Q2 DPS of USD0.28, giving a ~10% run-rate yield. For Q3, we are 11% below consensus EBITDA as we expect the Q3 guidance to be on the soft side due to recent market weakness. The Q2 results are due after market close on 12 August.
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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