EURN

Euronav NV

Industrial/Transportation


Presented:10/21/2019
Price:10.99
Cap:$2.37B
Current Price:$15.93
Cap:$2.39B

Presented

Date10/21/2019
Price10.99
Market Cap$2.37B
Ent Value$0.00B
P/E Ratio7.58x
Book Value$10.19
Div Yield1.08%
Shares O/S215.50M
Ave Daily Vol848,654
Short Int1.32%

Current

Price$15.93
Market Cap$2.39B
Euronav NV engages in the transportation and storage of crude oil. It operates through the Tankers and FpSO (Floating Production, Storage, and Offloading Operation) segments. The Tankers segment provides shipping services for crude oil seaborne transportation. The FpSO segment receives hydrocarbon fluids pumped by nearby offshore platforms and provides field storage. Its activities include crew, ship, and fleet management services. The company was founded in 1989 and is headquartered in Antwerp, Belgium.

Euronav (EURN) and DHT Holdings Inc (DHT) - Long 

Publicly traded companies mentioned herein: COSCO SHIPPING Ports Limited (HK 1199), Double Hull Tankers (DHT), Euronav (EURN)

Highlights

The presenter is long shares of Euronav (EURN) and DHT Holdings (DHT), seeing an inflection point in the crude tanker market with additional demand uptick from IMO 2020. The two companies own Very Large Crude Carriers (VLCCs) that transport crude oil. EURN (~$2.6B market cap) and DHT (~$1B market cap) stocks are currently trading at ~$11 and ~$7.20, respectively, which are just around 1.1x - 1.2x book value. As the market reaches this anticipated inflection point during the winter shipping season, the presenter expects the two companies to generate 150% of their market cap in free cash in Q1 ’20 alone. He sees 100% - 200% upside potential, depending on the market and sentiment.

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Idea Discussion

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