Scorpio Tankers (Buy, TP: USD40.00) - Takes 19 tankers from Trafigura
Today Scorpio announced a USD803m transaction for 19 product tankers from Trafigura, all with scrubbers. We estimate the transaction price to be ‘at market’, as China/Vietnam discount should be offset by scrubber premiums. NAV is lifted by 0.5% on our calculations, to USD27.6/share, while leverage rises to 68% (from 65%) and market cap nears USD2bn.
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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