Teekay Tankers (Buy, TP: USD47.10) - 75% upside potential to 1.0x NAV
We have raised our 2023e EBITDA adj. substantially in light of persistently strong mid-size tanker rates, from which Teekay Tankers is well placed to benefit given its Suez/Aframax-heavy fleet. We believe the stock offers investors heavily discounted exposure to extremely tight supply-demand fundamentals, highlighted by a 3.6% orderbook-to-fleet ratio and soaring mid-size tanker rates, reflected in 2023–2024e earnings yield of c30%. We reiterate our BUY and have raised our target price to USD47.1 (41.2).
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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