Stolt-Nielsen (Buy, TP: NOK375.00) - 60% of COA renewals in Q1
Ahead of the results, we are 6% below consensus Q4e EBITDA but see considerable potential upside from Q1 as c60% of Stolt Tankers’ COA volumes are set to be renewed at potentially solid rates, while the EU embargo on Russian petroleum should tie up swing tonnage in longer-haul product trades and a record-low orderbook-to-fleet ratio should keep the supply side tight. We reiterate our BUY and have raised our target price to NOK375 (350).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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