Scorpio Tankers (Hold, TP: USD11.00) - Awaiting normalisation
Ahead of the Q3 results (due prior to market open on 5 November), we reiterate our HOLD but have cut our target price to USD11.0 (13.8) on the deteriorating asset values seen in recent months. We are 9% above consensus EBITDA for Q3, and remain cautiously optimistic on the long-term supply fundamentals (6.3% orderbook-to-fleet ratio) and post-Covid-19 normalisation.
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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