Hafnia (Buy, TP: NOK84.00) - Shareholder-friendly powerhouse
While 2024 set a high bar, current MR rates are in line with the 5-year average for February, but 95% above when excluding the strong 2023–2024. On our lowered near-term rate expectations, we still forecast free cash flow yields of 19–25% for 2025–2026, which, together with our estimated 90% payout ratio, bodes well for Hafnia’s dividend and share repurchase (0.78x P/NAV) potential. We reiterate our BUY, but have cut our target price to NOK84 (96).
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.