Scorpio Tankers (Buy, TP: USD68.50) - Attractive on current multiples
Product tanker rates are facing demand headwinds into the low season but have stabilised above historical averages, which bodes well for seasonally stronger H2e earnings. The effect of trade disruptions seems to be smoothing out, but Scorpio Tankers still screens attractively to us on its 0.69x P/NAV pricing. We reiterate our BUY but have cut our target price to USD68.5 (71.1).
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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