Frontline (Buy, TP: NOK60.00) - Way above consensus on EBITDA
Frontline is due to report Q2 results on Wednesday 22 August at 08.00 CET; we are 54% above consensus on EBITDA and 45% above on net profit. VLCC seasonality since 2001 shows August at 52% of the yearly average, while January boasts 130% – implying upside from here. We reiterate BUY and our NOK60 target price.
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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