Euronav (Hold, TP: USD9.00) - Disappointing Q4 left behind
The Q4 results are expected before market open on 25 January and we are 15% below consensus on adjusted EBITDA. The past quarter is shaping up to be another key quarter for Euronav in its pursuit of securing the #1 spot in listed VLCC tanker companies through merging with Gener8 Maritime. The news was a welcome Christmas gift for Gener8 shareholders, lifting the end-2017 share price by c50%. We reiterate HOLD, target price raised to USD9.0 (USD8.4).Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
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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