DHT: BW Overhang Almost Gone, Q2 Dividend Could Top 20%

DHT Holdings is generating exceptional cash flows amid elevated VLCC rates, yet the stock price lags fundamentals. I estimate Q2 annualized yield could exceed 20%, with Q2 EPS around $0.9 and dividend yield above 22%. DHT trades at 1.1x NAV; a 1.3x NAV would imply a $20 fair value, offering 20% upside if rates persist.