ODF delivered a very strong Q2 report in our view (adjusted EPS of USD 0.21), and we believe that more will come. With average supply growth of just ~1% in 2020-22, only modest demand growth would point to a tightening chemical tanker market. We continue to assume mid-cycle rate levels in 2021, while we raise 2022 rate assumptions by ~5%, pointing to ‘21e and ‘22e EPS of USD 0.80 and USD 1.12 respectively. We reiterate Buy, but lift our TP to NOK 35 (30)
14 Sep 2020
Q2 was not just a flash in the pan
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Q2 was not just a flash in the pan
Odfjell SE Class A (0J77:LON) | 0 0 0.0%
- Published:
14 Sep 2020 -
Author:
Lars Bastian Østereng -
Pages:
17
ODF delivered a very strong Q2 report in our view (adjusted EPS of USD 0.21), and we believe that more will come. With average supply growth of just ~1% in 2020-22, only modest demand growth would point to a tightening chemical tanker market. We continue to assume mid-cycle rate levels in 2021, while we raise 2022 rate assumptions by ~5%, pointing to ‘21e and ‘22e EPS of USD 0.80 and USD 1.12 respectively. We reiterate Buy, but lift our TP to NOK 35 (30)