Riva, CamilloMaia, Lourenço Araujo Soares Faria e2025-08-192025-08-192025-01-202024-12-17http://hdl.handle.net/10362/186605This equity research report assesses Frontline Plc, a leading crude tanker operator well-positioned to benefit from global oil trade realignments, the energy transition, and supply chain disruptions. Drawing on Net Asset Value (NAV), Discounted Cash Flow (DCF), and Comparable Company Analysis (CCA) methodologies, we establish a price target of $19.07 per share, implying a 34% upside from the current share price and a total shareholder return of approximately 43% when factoring in dividends. Our valuation incorporates key assumptions including stable utilization rates, modern ECO-rated vessels that adhere to stringent environmental standards, and balanced capital structure management. Supported by consistently strong EBITDA margins (around 50%), a healthy ROIC profile, and favorable ton-mile demand growth, Frontline’s fundamental outlook remains robust. Despite potential risks from geopolitical tensions, long-term shifts in oil consumption patterns, and competitive fleet dynamics, the company’s strategic positioning and disciplined cost management justify a BUY recommendation.engTankersCrude oilShippingValuationmaster thesis203961234