Stena AB : Low point is behind, liquidity is still solid

After bottoming out in 2018, Stena’s results are expected to improve gradually from 2019, benefitting from sales growth in the shipping business and a still satisfactory performance in the ferry operations, property and Adactum divisions. Profitability in the offshore drilling business should return to balance, buoyed by a more dynamic oil activity. That said, we believe that Stena will continue burning through FCF over the next two years. Committed to a cautious financial policy...