Scorpio Tankers (Buy, TP: USD3.00) - One-year-forward NAV cut 20%
Despite negative rate revisions for Q3e, we are 30% above Bloomberg consensus EBITDA ahead of the results (due 31 October before US market open). Our outlook for tankers, both crude and product, remains positive as the supply and demand balance has improved faster than we anticipated. Following a dilutive equity issuance, we have cut our target price to USD3.00 (USD4.00) and reiterate our BUY.
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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