Frontline (Buy, TP: NOK174.00) - Delayed but sizeable dividends
Frontline’s dividend payments have been pushed out due to the ongoing business combination with Euronav, but we forecast that the combined entity could return nearly USD2bn in dividends to shareholders through 2024e (30% of the market cap) as the tanker market is likely to stay stronger for longer. We reiterate our BUY and have raised our target price to NOK174 (165).
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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