Locking in future dividends
We reiterate our muted tanker outlook for 2017–2018, as Euronav’s updated dividend policy commits to paying USD0.12/share annually, backed by its strong balance sheet and increased fixed income coverage. We reiterate our HOLD recommendation, while we have cut our target price to USD7.0 (7.8).
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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