Scorpio Tankers (Buy, TP: USD71.10) - Freight rates and shares diverging
Scorpio Tankers traded down c6% yesterday despite QTD fixtures indicating upside to near-term consensus. We see transitory valuation discounts as attractive entry opportunities in light of the stock’s c25% discount to NAV, c30% run-rate earnings yield supported by Q2 fixtures, and intact long-term fundamentals. We reiterate our BUY and USD71.1 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.