D/S Norden (Buy, TP: DKK117.00) - Best in a decade
With its Q3 report, D/S Norden yet again lifted its full-year adj. net profit guidance from USD90m to USD105m (mid-point), thus it looks set for its best results since 2010. While Tanker Operator is struggling due to soft markets, Dry Operator continues to excel – cleverly leveraging the weak markets seen in Q2. In our view, the increase in customers could bode well for the segment’s future growth. We reiterate our BUY but have lowered our target price to DKK117 (121).Dampskibsselskabet Norden is a holding company. Co., through its subsidiaries, is an internationally operating shipping group. Co. operates a fleet of 238 vessels. In dry cargo, Co. operates in Panamax and Handymax, in addition to growing activities in Handysize and Post-Panamax vessel types as well as activities in Capesize. In tankers, Co. activities comprise Handysize, MR and LR1 product tankers. Co.'s product tankers are commercially operated under the 50%-owned Norient Product Pool. Co.'s core fleet consists of owned vessels and vessels on long-term charter with purchase option, the core fleet is supplemented by vessels chartered on a short-term basis or for single voyages.
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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