Frontline (Buy, TP: NOK69.00) - P/NAV at 1.0x – first time in a year
We reiterate our BUY recommendation and NOK69 target price. Since January 2014, Frontline has traded below 1.0x NAV for an extended period on four occasions: all marked by share price weakness followed by strong appreciation. We believe rates are set to bottom out in H1 (rather than the seasonally weak Q3) due to IMO disruptions.
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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