Report
Jørgen Lian
EUR 93.80 For Business Accounts Only

Hafnia (Buy, TP: NOK81.00) - Defying seasonal gravity

Hafnia’s 0.85x P/NAV pricing suggests to us that the market is still not willing to price in sizeable cash-generation potential from the current exceptional market fundamentals in the product tanker space. Current rates are challenging typical refinery turnaround seasonality, and we see positive near-term consensus revision potential for Q2–Q3. Near-term value catalysts include incoming Q2 bookings acting as a litmus test for the persistently strong earnings potential. We reiterate our BUY and have raised our target price to NOK81 (80).
Underlying
Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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