Frontline (Buy, TP: NOK83.00) - Target price raised to NOK83
We reiterate our BUY recommendation and have raised our target price to NOK83 (60). We forecast negative crude tanker fleet growth in 2019 and 2020 due to scrapping and IMO 2020 disruptions, and 5.0% 2019–2020e tonne-mile growth, driven by US exports. We now apply our 2020 VLCC asset value forecast (put forward previously March 2018) of USD107m.
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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