Frontline (Hold, TP: NOK44.00) - Time to regain position
Frontline could risk having half the number of VLCCs of DHT and Euronav by 2020 unless it takes advantage of its premium valuation to regain its position as the dominant VLCC player. We see continued headwinds for tankers into H1 2018, but believe there is light at the end of the tunnel and that vessel values have limited downside. We reiterate our HOLD recommendation and have raised our target price to NOK44 (NOK42).
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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