Scorpio Tankers (Hold, TP: USD3.40) - Has already started to take action
We reiterate our HOLD recommendation and our USD3.40/share target price. We are 27% below 2018-2019e Bloomberg consensus EBITDA due to our more muted view on tankers and based on our rate forecast, Scorpio Tankers would have sufficient liquidity by end-2019 (assuming bond refinancing). But if the next 12 months equal the past 12 months, cash would run out by Q1 2019 (one quarter ahead of bond maturity).
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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