Frontline (Hold, TP: NOK72.00) - Minor estimate changes pre-Q2
We have raised our 2022–2023e EBITDA by 5%, for the most part reflecting the latest VLCC acquisitions. We believe the crude tanker market trough is behind us, but expect still-adverse market conditions for some time as volumes slowly return. We reiterate or HOLD but have trimmed our target price to NOK72 (76) based on 1.2x (1.3x) our one-year forward NAV/share of NOK60 (58).
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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