Scorpio Tankers (Buy, TP: USD35.00) - Waiting for H2 tailwinds
Following the Q2 results, we have raised our 2019e EBITDA by 16%, 2020e by 8% and 2021e by 5%. The tanker markets are experiencing seasonal lows, but we believe the turnaround will come sooner rather than later due to IMO disruption and frontloaded refinery maintenance in H1, leaving upside potential to H2 tanker demand. We reiterate our BUY recommendation and USD35 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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