We reiterate Buy following the Q3 trading update, but lower out TP to NOK 161/sh (current NAV) following a weaker Q2 than expected. We still believe that 2026 is looking attractive and the latest STEO suggests US export growth of 10.9% for H1/26, while the net fleet growth is 4.2% in Q1 and 5.6% in Q2. The stock is now at a P/NAV of 0.78x and we see attractive risk/reward ahead – especially with Q4 being a stronger quarter in terms of seasonality. The average improvement from Q3 to Q4 is 74% in ....
