Hafnia (Buy, TP: NOK88.00) - Nearing USD1.0bn 2023e EBITDA
Hafnia has been showcasing consistently high earnings capacity in past quarters, and 2023 EBITDA looks set to match 2022 in strength as we forecast USD1.0bn. Its 0.92x P/NAV pricing screens as discounted exposure to ~USD1.2bn in FCFE until end-2025 on our estimates, despite strong vessel value and earnings tailwinds in the product tanker space. We reiterate our BUY and have raised our target price to NOK88 (86).
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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