KBC Securities - EURONAV - KBC Securities Company Note 11-12-2018 - Copper bottomed and ready for market uptake EURN BB

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KBC Securities

EURONAV - KBC Securities Company Note 11-12-2018 - Copper bottomed and ready for market uptake EURN BB

We like Euronav for its conservative balance sheet, rejuvenated (merged) fleet and strong VLCC exposure, allowing it to fully profit from a potential market uptake. Euronav is the listed pure play VLCC operator, owning 6% of a very fragmented market with a fleet consisting of 43 VLCCs and 26 Suezmaxes. Freight rates were still challenging in Q3 but improved vs Q2 which is against normal seasonal movement. In recent weeks we have seen rates reaching the highest point since 2016.
Given Euronavâ€™s operational leverage, the disruption IMO2020 will bring and market momentum we upgrade our recommendation from Accumulate to Buy and place Euronav within our FY19 Top Picks. We have a â‚¬ 9.00 TP implying a 6% premium on our current SOTP NAV of â‚¬ 8.6 p.s and 27% upside on current share price.

11/12/2018 17 EN

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EURONAV - KBC Securities Company Note 11-12-2018 - Copper bottomed and ready for market uptake EURN BB

We are a financial services provider for several types of professional clients, each with distinct needs.

Akzo Nobel

Titan Cement US D.O.E selects Titan America to fund low carbon cement

Morning Notes : AKZA NA, BAR BB, BPOST BB, RAND NA, EKOP BB, MAAT FP, NXFIL NA

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