D/S Norden (Buy, TP: DKK135.00) - The wrong type of tanker leverage
While we have a muted view on tanker rates into 2019, we believe asset values will continue to rise and claim financial leverage is key. However, the operational leverage D/S Norden is building in its tanker fleet is not what we seek, and led to our 2018 net profit estimate undershooting both Bloomberg consensus and company guidance. We keep our BUY on D/S Norden, still a dry bulk company in our book, while we have cut our target price to DKK135 (DKK145).
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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