DnB Markets - Stolt-Nielsen Ltd. (SN6) Stolt-Nielsen (Buy, TP: NOK120.00) - Above consensus for Q3

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DnB Markets

Jørgen Lian

EUR 88.68 For Business Accounts Only

Stolt-Nielsen (Buy, TP: NOK120.00) - Above consensus for Q3

Ahead of the Q3 results, we have raised our EBIT estimates for Stolt Tankers, as we see a more modest impact from Covid-19 on spot rates, while fuel costs have come down. In our view, Stolt-Nielsen is in a comfortable financial position with strong latent earnings power, and we view the current price as a particularly attractive entry point into a shipping sector with superior fundamentals, propelling the recovery once Covid-19 loosens its grip on the world economy. We reiterate our BUY and NOK120 target price.

30/09/2020 19 EN

Underlying

Stolt-Nielsen Ltd.

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.

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BMG850801025 Berlin Stock Exchange Bermuda

Provider

DnB Markets

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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Analysts

Jørgen Lian

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Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited

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Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited

Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited Reference is made to the stock exchange announcement from Stolt-Nielsen Limited (Oslo Børs: SNI) on April 3, 2025 regarding the continuation of its 2016 share buy-back programme of up to $30,000,000, with $8,754,827.55 remaining under the programme. The buy-back programme commenced on April 7, 2025, and will remain in effect until the earlier of (i) the acquisition of the maximum number of shares up to the remaining consideration of $8,754,827.55 as set out above, or (ii) October 2, 2025. For the period from an...

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Stolt-Nielsen (Buy, TP: NOK120.00) - Above consensus for Q3

Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited and Completion of Programme

Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited

Transactions Made Under the Share Buy-back Programme for Stolt-Nielsen Limited

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

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