Frontline (Hold, TP: NOK75.00) - Q4 guidance should be in focus
We have raised our 2021–2023e EBITDA by 2–4% given improved ECO and scrubber economics on higher fuel prices, and are now 33% above consensus on Q3e EBITDA. However, we expect the market to focus on the Q4 outlook, and while crude tanker fleet growth was negative in Q3, export growth lagged behind and freight markets remain depressed. We reiterate our HOLD, but have lifted our target price to NOK75 (73).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.