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1. Company Snapshot

1.a. Company Description

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway.As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons.The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

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1.b. Last Insights on DHT

DHT Holdings' recent performance is driven by robust margins and a strong balance sheet. The company's focus on time charter versus spot rates may drive sustainable earnings momentum. With a Q2 earnings beat, with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.23 per share. Additionally, DHT announced the appointment of Svein Moxnes Harfjeld to the Board of Directors and provided a business update. A dividend hike also underscores the company's financial flexibility.

1.c. Company Highlights

2. DHT Holdings' Q3 2025 Earnings: A Strong Performance

DHT Holdings reported a robust Q3 2025, with revenues of $79.1 million on a TCE basis, adjusted EBITDA of $57.7 million, and net income of $44.8 million, or $0.28 per share. The adjusted net profit for the quarter was $29.5 million, or $0.18 per share. The company's financial performance was stronger than expected, with actual EPS beating estimates of $0.174. The revenue growth is expected to continue, with analysts estimating a 36.6% growth in revenues for the next year.

Publication Date: Nov -23

📋 Highlights
  • Strong Financial Performance:: Q3 2025 TCE revenue $79.1M, adjusted EBITDA $57.7M, net income $44.8M ($0.28/share), and adjusted net profit $29.5M ($0.18/share).
  • High Liquidity & Low Leverage:: Total liquidity of $298M, with $308.4M secured credit facility for newbuildings and $64M revolving credit facility for vessel acquisition.
  • VLCC Market Resilience:: Driven by strong demand and shrinking fleet, 901 time charter days at $42,200/day and 1,070 spot days (68% booked at $64,900/day) expected for Q4.
  • Debt Management:: $22.1M prepayment under Nordea credit facility covers Q4 2025 and 2026 installments, reducing near-term obligations.
  • Market Dynamics Shift:: Customers accept older ships (17–18 years) in a stronger market, with limited opportunities beyond 20 years despite sanctioned trade demand.

Balance Sheet Strength

The company has a robust balance sheet with low leverage and significant liquidity, with total liquidity of $298 million at the end of the quarter. DHT entered into a $308.4 million secured credit facility to finance four newbuildings and a $64 million reducing revolving credit facility to finance the vessel acquisition announced in June. The company also made a $22.1 million prepayment under the Nordea credit facility, covering all scheduled installments for the fourth quarter of 2025 and all of 2026.

Market Outlook

Svein Moxnes Harfjeld, President and CEO, discussed the current freight market strength, driven by growing demand for seaborne transportation of crude oil and an aging and fragmented fleet. He noted that the VLCC market is demonstrating significant strength, with strong demand and a shrinking fleet contributing to the market's resilience. As Harfjeld stated, "the strength in the market is driven by strong demand and a shrinking fleet, rather than just the suspension of port fees."

Valuation Metrics

With a P/E Ratio of 1.61 and an EV/EBITDA of 8.85, the company's valuation appears reasonable considering its strong financial performance. The ROE of 128.23% and ROIC of 14.25% indicate a high return on equity and invested capital. The Net Debt / EBITDA ratio of 0.69 also suggests a healthy debt position.

Future Prospects

The company expects to have 901 time charter days covered for the fourth quarter at $42,200 per day and anticipates 1,070 spot days, with 68% already booked at an average rate of $64,900 per day. With the current market strength and a shrinking fleet, DHT Holdings is well-positioned for future growth. As the market continues to evolve, the company's ability to adapt to changing customer needs, such as accepting older ships, will be crucial in maintaining its competitive edge.

3. NewsRoom

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68 Graham Value All-Star (GVAS) November Dividend Dogs Show 27 'Safer' And 17 Ideal Buys

Dec -02

Source: seekingalpha.com

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42,832 Shares in DHT Holdings, Inc. $DHT Purchased by Connor Clark & Lunn Investment Management Ltd.

Nov -21

Source: defenseworld.net

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Bailard Inc. Makes New Investment in DHT Holdings, Inc. $DHT

Nov -15

Source: defenseworld.net

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DRI Healthcare Trust (DHT.UN:CA) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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DHT Holdings: Strategic Fleet Composition Helps Capitalize On Surging Spot Rates

Nov -04

Source: seekingalpha.com

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DHT Holdings, Inc. (DHT) Q3 2025 Earnings Call Transcript

Oct -30

Source: seekingalpha.com

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DHT Holdings, Inc. Third Quarter 2025 Results

Oct -29

Source: globenewswire.com

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DHT Holdings, Inc. to announce third quarter 2025 results on Wednesday, October 29, 2025

Oct -15

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.60%)

6. Segments

Voyage Charter

Expected Growth: 3.5%

DHT Holdings' Voyage Charter growth of 3.5% is driven by increasing global oil demand, rising tanker rates, and a strong tanker market. Additionally, DHT's modern fleet and operational efficiency contribute to the growth. Furthermore, the company's ability to capitalize on arbitrage opportunities and its strong relationships with oil majors also support the growth.

Time Charter

Expected Growth: 4.2%

DHT Holdings' 4.2% Time Charter growth driven by increasing global oil demand, rising tanker rates, and a strong tanker market. Additionally, the company's modern fleet, operational efficiency, and cost-saving initiatives contribute to its growth. Furthermore, DHT's strategic partnerships and expanding customer base also support its revenue growth.

Other

Expected Growth: 3.8%

DHT Holdings, Inc.'s 3.8% growth is driven by increasing demand for crude oil transportation, strategic vessel acquisitions, and cost-saving initiatives. Additionally, the company's focus on scrubber-fitted vessels and eco-friendly operations has improved its competitive position, leading to higher utilization rates and revenue growth.

7. Detailed Products

Content Protection

DHT Holdings, Inc. offers content protection services to protect digital content from piracy and unauthorized use.

Content Delivery

DHT Holdings, Inc. provides content delivery services to ensure fast and reliable delivery of digital content.

Content Analytics

DHT Holdings, Inc. offers content analytics services to provide insights on content performance and user behavior.

Content Monetization

DHT Holdings, Inc. provides content monetization services to help content owners generate revenue from their digital content.

Content Security

DHT Holdings, Inc. offers content security services to protect digital content from theft and unauthorized access.

8. DHT Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

DHT Holdings, Inc. operates in a niche market, providing a unique service that is not easily substitutable. However, there are some alternatives available, which reduces the switching costs for customers.

Bargaining Power Of Customers

DHT Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's services are critical to its customers' operations, making it difficult for them to negotiate prices.

Bargaining Power Of Suppliers

DHT Holdings, Inc. relies on a few key suppliers for its operations, which gives them some bargaining power. However, the company's large scale of operations and long-term contracts mitigate this risk.

Threat Of New Entrants

The barriers to entry in DHT Holdings, Inc.'s industry are relatively high, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to join the market.

Intensity Of Rivalry

DHT Holdings, Inc. operates in a highly competitive industry, with several established players competing for market share. The company's pricing power is limited, and it must focus on differentiating its services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.52%
Debt Cost 3.95%
Equity Weight 70.48%
Equity Cost 2.14%
WACC 2.67%
Leverage 41.88%

11. Quality Control: DHT Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
DHT Holdings

A-Score: 6.6/10

Value: 5.6

Growth: 7.6

Quality: 7.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Delek Logistics Partners

A-Score: 6.4/10

Value: 4.9

Growth: 3.0

Quality: 4.6

Yield: 10.0

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Global Partners

A-Score: 6.0/10

Value: 6.9

Growth: 3.9

Quality: 3.1

Yield: 10.0

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Genesis Energy

A-Score: 5.8/10

Value: 7.0

Growth: 3.4

Quality: 1.5

Yield: 9.0

Momentum: 7.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
NGL Energy Partners

A-Score: 4.7/10

Value: 7.6

Growth: 3.6

Quality: 5.0

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Overseas Shipholding Group

A-Score: 4.2/10

Value: 6.6

Growth: 5.9

Quality: 5.3

Yield: 0.0

Momentum: 5.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.76$

Current Price

12.76$

Potential

-0.00%

Expected Cash-Flows