Teekay Tankers (Hold, TP: USD15.00) - NAV discount widening
We have updated our estimates following the Q1 results, with our 2021e EBITDA down by 21% on the near-term trough, partly offset at the net profit line by Teekay Tankers’ lowered cost of capital, representing cUSD8m in annual savings. We reiterate our HOLD and USD15 target price, but see a potential share-price catalyst longer-term if markets turn.
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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