Frontline (Buy, TP: NOK86.00) - Buffing up
Frontline’s Q2 dividend was below expectations, but we view the USD60m (USD0.3/share) repayment on the Hemen facility as a wise decision – effectively increasing its liquidity buffer for a rainy day as we enter unchartered waters amidst slow oil demand and high inventory levels quenching freight demand. We reiterate our BUY, but have cut our target price to NOK86 (98).
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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