DHT Holdings Minor model adjustments
We have updated our estimates, owing to DHT’s Q3 results and fixtures QTD. We do not consider these changes to be material, and we have not changed our BUY recommendation. We forecast DHT to achieve FCFE equivalent to ~45% of its current market capitalisation until end-2025 (~20% annualised), substantiating meaningful returns with further upside potential to latent Saudi/Russian crude barrels hitting the water amid expected still-rising oil demand, refinery draws, and recovering seaborne volumes. Looking ahead, almost full shipyard capacity through 2026e and minimal crude tanker deliveries are priming the market for still-tight fundamentals. Hence, we have raised our target price to USD12.4 (12.1).
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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