Scorpio Tankers (Buy, TP: USD82.00) - Exceptional cash flows
Scorpio Tankers’ NAV is up 50% YOY, benefiting from well-timed, aggressive share buybacks and vessel values at 16-year highs. We believe the next step for the company is to realise its substantial distribution potential, with its unofficial USD800m net debt target possibly just around the corner as LR2 spot rates now have surpassed USD100k/day. We reiterate our BUY and have raised our target price to USD82 (75.9).
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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