Stolt-Nielsen (Buy, TP: NOK155.00) - Still waiting for good news
Stolt-Nielsen is set to report its Q4 results at 08.00 CET on 1 February and we are 4% below Bloomberg consensus net profit on a soft winter for Tankers. In previous reports, we have focused on Stolt-Nielsen’s leverage having reached its self-imposed covenant, a Tankers spin-off to free up liquidity and crystalising our SOTP, but the 50% interim dividend cut in November could indicate that there is no clear spin-off story yet. Retain BUY recommendation and NOK155 target price.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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