Frontline (Hold, TP: NOK65.00) - Ahead of the curve
Ahead of the Q4 results, we have reduced our 2021e EBITDA by 23% to better reflect the current trough markets. While we favour more conservative tank exposure, we highlight that Frontline tends to lead the pack once the outlook has turned and has historically traded at a premium to other owners through the cycle. We reiterate our HOLD and NOK65 target price.
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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