Hafnia - Initiation of coverage - Superior returns on low cost base
Hafnia is a fully integrated shipping platform with a 133-vessel product tanker fleet, superior cash cost base, and operational leverage facilitating elevated payouts in line with its new dividend policy. The current platform has been three years in the making since the IPO in 2019, with built up pool revenues and recent fleet acquisitions already generating solid returns. We initiate coverage with a BUY and NOK70 target price.
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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