Frontline (Buy, TP: NOK230.00) - Bullish outlook
Frontline’s solid Q2 report included strong rate guidance for Q3, prompting positive revisions to our estimates. In our view, fundamentals are screening attractively, with a total orderbook of 5%, while 27% of the fleet is set to exceed 20 years entering 2027, and the coming weeks will show whether the summer lull has passed and a more active winter season lies ahead. We see Frontline as well placed to monetise the positive outlook for its shareholders, and reiterate our BUY, with a raised target price of NOK230 (210).
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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