Scorpio Tankers (Buy, TP: USD4.00) - Catching rising asset value tide
Scorpio Tankers has answered the sceptics, securing USD334m in additional liquidity to avoid difficult liquidity discussions near-term. We believe focus has now shifted to its favourable leverage, as asset values are rising faster than we expected in early March. We see 19% remaining upside potential to asset values by 2020, underpinning our positive view on the stock. We reiterate our BUY recommendation and have raised our target price to USD4.00 (USD3.70).
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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