Scorpio Tankers Minor model adjustments
We have updated our estimates following the Q4 results, which were broadly in line with our forecasts. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price to USD21 (20). Given its estimated current pro forma cash position of USD457m, we consider the company well placed to withstand market headwinds, while the combination of high operational and financial leverage should make it a prime candidate to benefit from an eventual tanker market recovery.
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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