Teekay Tankers (Buy, TP: USD30.80) - Smooth sailing
We are 20% above consensus on 2022e EBITDA and 30% above for 2023e after making minor estimate changes following the Q2 results and revised Q3 guidance. Teekay Tankers is trading at a steep discount to steel values and evolving fundamentals in the tanker market, the effects of which are already apparent in the very strong mid-size tanker rates. We reiterate our BUY but have trimmed our target price to USD30.8 (31.1).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.