Hafnia (Buy, TP: NOK80.00) - Just a taste of what may come
Hafnia achieved another strong quarter, with a 6% beat to consensus EBITDA, and we believe the momentum may continue on strong QTD fixtures, which has Hafnia trading at a run-rate 4.6x EV/EBITDA on Q3e. We see more cash heading towards shareholders as strong vessel values persist and Hafnia continues to deleverage to reach a 70% payout ratio in Q3e. We reiterate our BUY and have raised our target price to NOK80 (76).
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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