Stolt-Nielsen (Buy, TP: NOK350.00) - Buckle up for a chemical ride
Following the Q3 results, we have raised our group estimates across the forecast period, driven by meaningful Tankers’ earnings potential. Q3 benefited from Stolt Tankers’ spot exposure, but we see significant upside potential as meaningful contract renewals lie ahead for the coming quarters, which we expect will take full advantage of the higher rate environment – in our view, potentially mitigating the macroeconomic uncertainty going into 2023e. We reiterate our BUY and have raised our target price to NOK350 (309).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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