Hafnia (Buy, TP: NOK85.00) - Charting a course to sustained DPS
Hafnia’s NAV has climbed over 30% YTD on robust supply-demand dynamics, diverging from its share price and leaving the stock advantageously discounted at 0.75x P/NAV and a 24% run-rate dividend yield. The latter signals sizeable payout capacity with potentially more to come as the company’s net LTV inches closer to below 30%. We reiterate our BUY and have raised our target price to NOK85 (81).
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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