Frontline (Buy, TP: NOK70.00) - Through the trough and beyond
We have cut our 2020e estimates and are currently 4% above consensus EBITDA for Q3 (results due on 30 November). We reiterate our BUY, but have cut our target price to NOK70 (86) based on 1.3x (1.5x) our 1-year forward NAV of NOK53 (57), which equals Frontline’s average P/NAV from mid-2016 to 2018, as we see the tide turning ahead of 2022.
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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