reports
- Nicolay Dyvik
D/S Norden (Buy, TP: DKK135.00) - The wrong type of tanker leverage
While we have a muted view on tanker rates into 2019, we believe asset values will continue to rise and claim financial leverage is key. However, the operational leverage D/S Norden is building in its tanker fleet is not what we seek, and led to our 2018 net profit estimate undershooting both Bloomberg consensus and company guidance. We keep our BUY on D/S Norden, still a dry bulk company in our book, while we have cut our target price to DKK135 (DKK145).
- Eivind Sars Veddeng
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Karl-Johan Bonnevier
- Niclas Gehin
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Mortensen
- Nicolay Dyvik
At bottom or early recovery
Takeaways from DNB Markets’ 11th Oil, Offshore and Shipping conference following panel debates in Tankers, Dry bulk, LNG and LPG. Scrapping is viewed as important for freight improvements, but like “putting down the family dogâ€. We are either at the bottom or early recovery, according to the panellists.
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LPG DORIAN LPG
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GMLP GOLAR LNG PARTNERS LP
3TKA TEEKAY TANKERS
ODF ODFJELL ASA
WWI WILHELM WILHELMSEN HOLDING
FRO FRONTLINE LTD.
TANKER INVESTMENTS
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HLNG HOEGH LNG AS
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
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DNORD D/S NORDEN
WWL WALLENIUS WILHELMSEN LOGISTICS
maerskb A. P. MØLLER MÆRSK
EPIC EPIC GAS
GOGLOLD GOLDEN OCEAN NO
ALNG AWILCO LNG
FRNT FRONTLINE 2012
AURLPG AURORA LPG
EIGHT NAVIG8 PRODUCT TANKERS
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Mattias Holmberg
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Nicolay Dyvik
D/S Norden (Buy, TP: DKK145.00) - Set to harvest from Dry Operator
D/S Norden has announced it will release its Q4 results before 09:00 CET on 6 March, and we are above consensus expectations for the quarter as the company has increased guidance and we believe the Operator business is set to gain from increased margins in the improving market of Q4. We forecast adjusted net profit of USD24m, which is at the lower end of guidance, but far ahead of consensus of USD7m (with large variations in the numbers). We have cut our target price to DKK145 (DKK158) and reite...
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