Frontline (Buy, TP: NOK226.00) - Dividends are back
Although Frontline’s shares are up 75% since the trough in January, we believe the bull run should continue based on sound tanker market fundamentals. The elevated freight markets, coupled with limited scope for alternative spending, should in our view lead to consistent and sizeable dividend returns to shareholders. We reiterate our BUY and have raised our target price to NOK226 (200).
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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