Hunter Group (Hold, TP: NOK3.70) - Blessed with premiums
Following the Q1 results, we have lowered our estimates due to updated fuel spreads and the company’s Q2 guidance. Despite lacklustre benchmark VLCC spot rates, we estimate a substantial advantage for Hunter’s modern tonnage throughout our forecast period. Due to the Ukraine war, we see disrupted Russian crude oil volumes boosting tonne-mile demand. This particularly affects the midsize segment and renews optimism across the crude tanker space. We have downgraded to HOLD but raised our target price to NOK3.7 (3.6).Hunter Group is developing the Badger Explorer, a revolutionary technology for exploration and verification of hydrocarbon prospects, without the risks, cost and complexity of drilling an exploration well with a rig. The Badger Explorer tool acquires exploration data as it drills, and once installed at its target depth, can continue to monitor subsurface parameters to enhance development and production activities.
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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