Scorpio Tankers (Buy, TP: USD58.20) - Cash build potential
Having reported record-strong results in a quarter that usually represents a seasonal low for tankers, we see strong momentum into the winter supported by the upcoming EU embargo on Russian oil products. Extending Q4 guided rates until end-2024 would indicate cash build of cUSD30/share, underlining the attractive market exposure of the company’s modern fleet, as fundamentals for the tanker market continue to screen as strong. Hence, we reiterate our BUY and have raised our target price to USD58.2 (54.6).
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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