CMB.Tech Unique & future proof industrial shipping platform
Late August CMB.TECH completed the merger with Golden Ocean which created one of the world's largest diversified listed maritime groups predominantly exposed to dry bulk (56% of GAV) and crude tankers (26% of GAV). Considering the ageing global tanker & bulker fleet, the group boosts an attractive low average vessel age and -thanks to its ongoing NB programme- still has room for further asset disposals while the future-proof vessels hold interesting optionality for low carbon fuel adoption. The group has an estimated fair market fleet value of around $10.6bn and a $2.6bn market cap with a 35% free float. The CMB.TECH acquisition by Euronav in 2024 was strategically sound but shareholder's interest waned as a result of the limited free float. This issue being solved post merger, we expect new investors to discover the name, whilst former investors will revisit the appealing investment case. Post merger, we resume coverage and set our target price at €11 ($13) p.s. in line with our NAV. Leaving 28% upside from current trading levels we rate the stock a Buy.Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
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