Invitation to potential suitors
In January 2017 we wrote “we consider a spin-off/IPO of Stolt Tankers possible in 2017â€, and we believe the Q3 conference call was an invitation to potential suitors to join the best performer following a planned internal separation of Stolt Tankers, allowing for a share-merger or potential IPO. Stolt-Nielsen says it believes Stolt Tankers is large enough for a standalone IPO. Debt to tangible net worth reached 1.57:1, just shy of 1.60:1 in Q2 but still historically high, hence IPO route could also strengthen the balance sheet. We reiterate our BUY recommendation and NOK155 target.Stolt-Nielsen is a holding company. Co. through its subsidiaries is engaged in maritime industries. Co.'s operating units include Stolt Tankers, providing transportation services for bulk liquid chemicals, edible oils, acids, biofuels and clean petroleum products; Stolthaven Terminals, offering storage for bulk liquid chemicals, edible oils, acids, biofuels and clean petroleum products; Stolt Tank Containers, operating a fleet of tank containers for shipments of bulk liquid chemicals, food-grade products and bitumen via road, rail and container ship, as well as Stolt Sea Farm, focused on the production of fish including turbot, sturgeon, sole and caviar.
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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