Scorpio Tankers (Hold, TP: USD19.00) - Asset values on the rise
Ahead of the Q1 results, we have updated our estimates and are 21% below consensus Q1 EBITDA. Although spot rates are still highly volatile due to pockets of strength, asset values and timecharter rates have risen – with asset values leading the way in anticipation of better things to come. We reiterate our HOLD but have lifted our target price to USD19.0 (USD16.0).
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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