Stolt-Nielsen (Buy, TP: NOK209.00) - Estimates up across the board
Following the Q1 results, we have raised our 2022–2024 estimates across Stolt-Nielsen’s divisions. We are positive on the outlook for Chemical Tankers amid less swing tonnage and find rising bunker prices aided by increasing rates and bunker clauses. Despite the risk for demand destruction, strong margins and high rates in Tank Containers should secure a strong 2022. For Terminals, we expect utilisation to remain high, further bolstering our positive revisions. We reiterate our BUY and have lifted our target price to NOK209 (179).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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