Hafnia (Buy, TP: NOK96.00) - Appeal holds despite slowdown
Coming off a very strong H1, average product tanker rates remain fairly robust in a historical context (Q3 rates 20% above 5-year average). Furthermore, we maintain that tanker markets are set to improve towards year-end as seasonal demand picks up, while we expect 2024e tonne-mile growth is set to far outpace supply growth. We forecast a 90% payout ratio, allowing for an NTM dividend yield of 16%. We reiterate our BUY, but have lowered our target price to NOK96 (105).
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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