Frontline (Buy, TP: NOK257.00) - Case intact despite lower volumes
Despite potential volume headwinds, we believe the tanker investment case is intact on favourable supply-side fundamentals. Frontline’s recent sell-off thus seems to be an attractive entry point into the multi-year upcycle we forecast for tankers, especially when incremental volume potential remains to the upside, as oil demand continues to improve. We reiterate our BUY but have reduced our target price to NOK257 (267).
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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