DnB Markets - Stolt-Nielsen Ltd. (SN6) Stolt-Nielsen (Buy, TP: NOK485.00) - Case fuelled by Red Sea events

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DnB Markets

Jørgen Lian

EUR 443.76 For Business Accounts Only

Stolt-Nielsen (Buy, TP: NOK485.00) - Case fuelled by Red Sea events

We believe record-strong chemical rates (c75% above 10-year average), supported by a low orderbook-to-fleet ratio of c8%, could establish a new normal for rates, with additional upside potential from recently announced Suez Canal disruptions and product tanker rates poised to react. Hence, we find Stolt-Nielsen attractively valued at an average 2024–2025e EV/EBITDA of 3.9x and P/E of 5.2x versus the broader tanker peer group at 4.5x and 6.9x, respectively. We reiterate our BUY and have raised our target price to NOK485 (445).

18/01/2024 1 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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Stolt-Nielsen (Buy, TP: NOK485.00) - Case fuelled by Red Sea events

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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