Teekay Tankers (Buy, TP: USD63.00) - Limited risk, solid upside potential
Tanker freight markets appear healthy to us, with potential catalysts on more OPEC+ volumes and further pressure on the large shadow fleet. We like the Teekay Tankers case, with its cash balance and scrap values covering 65% of its share price, and the former plus the value of its fleet offering 30% potential upside at current asset values, before accounting for other parts of the business. We reiterate our BUY and USD63 target price.
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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