Hledat v komentářích
Investiční doporučení
Výsledky společností - ČR
Výsledky společností - Svět
IPO, M&A
Týdenní přehledy
 

Detail - články
EURONAV: Q3 earnings preview

EURONAV: Q3 earnings preview

17.10.2011 12:55

Tuesday, after market, Euronav (4,17 EUR, 0,24%) will report its 3Q11 results.

During the quarter, the tanker market slid into a depression with spot rates even not covering operating expenses. Spot VLCC earnings ranged between $ 12 and $ 4k/day to average at $ 7,620/day. At the end of August, Euronav indicated that 73% of its available spot VLCC revenue days were covered at approximately $ 14.7k/day. Our scenario assumes the spot VLCC fleet to have earned an average of $ 11.5k/day during the third quarter.

Our scenario suggests Euronav to report revenues and EBITDA for the quarter of $ 90.8m and $ 19.8m. The operating loss and net loss is seen at $ 22.4m and $ 39.7m respectively.

With all tanker owners suffering a cash drain, the focus today is on newbuild commitments and balance sheet strength (i.e. loan-to-value ratio and cash balance).
Net financial debt end of June stood at $ 1,191.5m with cash and equivalents of $ 102.8m. Euronav still has one VLCC and four Suezmaxes (of which two ordered in joint-venture) on order for an estimated $ 421.2m. With advance payments at the end of June of $ 161.9m, remaining commitments are estimated at $ 259.3m. With today’s focus on cash preservation, we expect Euronav will do all possible to defer future commitments.

Last week, average VLCC earnings declined 34% to $ 7,330/day on Friday. Second hand values continued to decline, especially for tonnage aged 10 to 15 years. Recent transactions (resale of 1999- and 2000-built VLs for $ 28m and $ 29.4m respectively) have set new lows.

Conclusion:
At current exchange rates, we estimate Euronav’s net asset value at € 7.59 per share. The share price of € 4.16 implies a 45% discount to NAV, which corresponds to a further average decline in asset values of 13.9%.


Váš názor
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře

Související komentáře
Nejčtenější zprávy dne
Nejčtenější zprávy týdne
Nejdiskutovanější zprávy týdne
Denní kalendář hlavních událostí
Nebyla nalezena žádná data