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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Higher TP on higher earnings

We make only minor adjustments to our estimates. ABGSCe 33% above cons. EBITDA for 2025e. TP of NOK 112 (108) – BUY reiterated.

05/15/24 May 15, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q1 slightly below, Q2 guiding slightly above

EBITDA USD 287m (-5% vs. ABGSC, -4% vs. cons.). 5% upside to cons. Q2'24 EBITDA. Share to trade flat vs. peers.

05/15/24 May 15, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q1'24e EBITDA reiterated, Q2'24e up 5%

Minor adjustments. ABGSCe 34% above cons. EBITDA for 2025e. TP of NOK 108 (107) – BUY reiterated.

05/06/24 May 6, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

A strong start to 2024

Q1'24e up, long-term estimates reiterated. ABGSCe 38% above cons. net profit for 2025e. TP of NOK 107 (104) – BUY reiterated.

03/05/24 March 5, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q4 in-line, strong Q1 guidance

EBITDA USD 235m (-1% vs. ABGSC, -3% vs. cons.). Strong Q1'24 guidance. Share to trade up 1-3% vs. peers.

03/05/24 March 5, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
FRO-NO FRONTLINE
HAFNI-NO HAFNIA LTD ... (+5)

Nine women can't produce a child in one month

All but VLCC rates are already at or close to ATH. Fleet growth will remain miniscule in '24-'25e. Average total return of ~70% in 2023, but more to come.

FRO-NO FRONTLINE
HAFNI-NO HAFNIA LTD
TRMD.A-DK TORM
OET-NO OKEANIS ECO TANKERS CORP.
DHT-US DHT HOLDINGS
01/28/24 January 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Unwarranted discount

Low fleet growth is guaranteed throughout 2025. ABGSCe 31% above cons. EBITDA for 2025e. TP of NOK 104 (115) – BUY reiterated.

01/28/24 January 28, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

First step in closing the valuation gap

Q4 estimates down, long-term unchanged. ABGSCe 72% above cons. net profit for 2024e. TP of NOK 115 (110) – BUY reiterated.

11/19/23 November 19, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q3 beat, plans for US listing

EBITDA USD 221m (+4% vs. ABGSC, +6% vs. cons.). Secondary listing in the US. Q4'23 guiding of 65% at 30k/day - in-line with cons. Share to trade up 2-4% vs. peers.

11/17/23 November 17, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q3 up on strong guidance

Q3 estimate s up, long-term unchanged. ABGSCe 73% above cons. net profit for 2024e. TP of NOK 110 (104) – BUY reiterated.

08/25/23 August 25, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

"Fundamentals continue to favour the product tanker market"

Adj. EBITDA USD 262m (+2% vs. ABGSC, +5% vs. cons.). Q3'23 guiding of 73% at 27.6k/day (ABGSCe TCE at 25.5k/day). Share to trade up 2-4% vs. peers.

08/25/23 August 25, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Consensus still too cautious for '24-'25e

Volatile tanker rates and increasing asset prices. ABGSCe 69% above consensus net profit for 2024e. TP NOK of 104 (108) – BUY reiterated.

07/02/23 July 2, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Minor adjustments after Q1 report

Minor adjustments to Q2'23 and Q3'23. ABGSCe 59% above consensus net profit for 2024e. TP NOK of 108 (104) – BUY reiterated.

05/19/23 May 19, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Much as expected, still bullish outlook

Adj. EBITDA USD 296m (-4% vs. ABGSC, -2% vs. cons. Q2'23 guiding of 65% at 34.4k/day (ABGSCe TCE at 34.7k/day). Share to trade flat vs. peers

05/19/23 May 19, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Minor adjustments ahead of Q1 results

Minor adjustments ahead of Q1 result. ABGSCe 62% above consensus net profit for 2024e. TP NOK 104 (102) – BUY reiterated.

04/28/23 April 28, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

A good start to 2023

Market fundamentals remain strong. ABGSCe 93% above consensus net profit for 2024e. TP unchanged at NOK 102 – BUY reiterated.

03/01/23 March 1, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HAFNI-NO HAFNIA LTD

Q4 slightly below, Q1'23e guidance also

Adj. EBITDA USD 336m (-2% vs. ABGSC and cons.). Q1'23e guiding of 36.4k/day for Q1'23 (ABGSCe TCE at 38.1k/day). Q1 guiding to weigh on the share price today.

02/28/23 February 28, 2023 1 EN
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