Re : Euronav
Salut tout le monde,
vu qu'on en parlait justement hier, voici un post sur Bolero ce matin.
Euronav this morning released a trading update stating that its VLCC and
Suezmax fleet exposed to the spot market earned on average $ 62,000/day
and $ 40,000/day in the final quarter. So far, Euronav has covered about 25%
of its available spot VLCC revenue days for the first quarter at about
$ 77,000/day.
The Company will report its 4Q15 results at 28 January. We expect the
Company to report EBITDA for the quarter of $ 161.3m, including $ 10.5m
capital gain on the sale of the Suezmax Cap Laurent.
Euronav further announced the sale of the VLCC Famenne (2001) for
$ 38.4m. The sale fits into Euronav rejuvenating its fleet.
Management reaffirms its intentions to distribute at least 80% of its net
earnings by way of dividends but does not exclude to opportunistically buy
back shares in the open market.
Conclusion:
Based upon current exchange rates and second hand values, Euronav’s NAV
is estimated at about € 12.85 per share. BUY rating reiterated.
Bien à vous,
demat