Ocean Yield ASA

Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
  • TickerA1W1K1
  • ISINNO0010657448
  • ExchangeOslo Bors
  • SectorIndustrial Transportation
  • CountryNorway
Mats Bye

Ocean Yield (Buy, TP: NOK26.00) - USD130m impairments for Q3e

Ocean Yield said yesterday it expected to book USD130m of impairments in Q3 (USD95m for the FPSO, USD35m for Connector). This would reduce the pro-rata equity ratio to 26.1%, meaning the company has another USD40m threshold to its 25% covenant. It reiterated its pledge to pay “stable” dividends, likely referring to the recent quarterly DPS of USD0.05, which on our estimates implies a payout ratio of c50%. This would allow the equity ratio to build 0.7%-points every quarter, everything else being equal.

Mats Bye ...
  • Ole-Andreas Krohn

Northern Lights

Håkon Astrup ...
  • Mats Bye
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Mats Bye

Ocean Yield (Buy, TP: NOK26.00) - Balance sheet focus remains

We have updated our model for recent events, and lowered our EBITDA for 2021e by 4% and 2022e by 3% due to the: 1) Höegh Xiamen total loss; and 2) JV with Aker Capital. Strengthening the balance sheet remains the top priority, and we continue to believe the quarterly distribution of USD0.05/share allows significant headroom for further impairments. We reiterate our BUY, but have cut our target price to NOK26 (30), based on a dividend yield of 7%.

Bengt Jonassen ...
  • Haakon Amundsen
  • John Olaisen
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Peter Kurt Nielsen
  • Tobias Kaj

Talking Points - Atrium Ljungberg (Sell): The ultimate argument not to look at ERPA NAV

Munters (Buy) Preview: Supportive end-markets expected Property values were revised up CEPS to fall y-o-y also in H2´20e and ‘21e: SELL (Hold)

Ocean Yield Sa: 1 director bought

A director at Ocean Yield Sa bought 10,000 shares at 43.000NOK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

Mats Bye

Ocean Yield (Buy, TP: NOK26.00) - USD130m impairments for Q3e

Ocean Yield said yesterday it expected to book USD130m of impairments in Q3 (USD95m for the FPSO, USD35m for Connector). This would reduce the pro-rata equity ratio to 26.1%, meaning the company has another USD40m threshold to its 25% covenant. It reiterated its pledge to pay “stable” dividends, likely referring to the recent quarterly DPS of USD0.05, which on our estimates implies a payout ratio of c50%. This would allow the equity ratio to build 0.7%-points every quarter, everything else being equal.

Mats Bye

Ocean Yield (Buy, TP: NOK26.00) - Balance sheet focus remains

We have updated our model for recent events, and lowered our EBITDA for 2021e by 4% and 2022e by 3% due to the: 1) Höegh Xiamen total loss; and 2) JV with Aker Capital. Strengthening the balance sheet remains the top priority, and we continue to believe the quarterly distribution of USD0.05/share allows significant headroom for further impairments. We reiterate our BUY, but have cut our target price to NOK26 (30), based on a dividend yield of 7%.

Bengt Jonassen ...
  • Haakon Amundsen
  • John Olaisen
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Peter Kurt Nielsen
  • Tobias Kaj

Talking Points - Atrium Ljungberg (Sell): The ultimate argument not to look at ERPA NAV

Munters (Buy) Preview: Supportive end-markets expected Property values were revised up CEPS to fall y-o-y also in H2´20e and ‘21e: SELL (Hold)

Haakon Amundsen ...
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Limited capex growth leaves strong FCF

Few surprises in Q2 Limited capex growth = strong FCF 8.4% dividend yield and 0.65x NAV

Haakon Amundsen ...
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Few surprises in the Q2 report

Adj. EBITDA USD 86m, ABGSCe 82.7m DPS of USD 0.05, in line with ABGSCe and cons Only minor revisions expected

Mats Bye ...
  • Ole-Andreas Krohn

Northern Lights

Håkon Astrup ...
  • Mats Bye
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Helene Kvilhaug Brøndbo ...
  • Jesper Ingildsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Mats Bye ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

OCEAN YIELD ASA suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of OCEAN YIELD ASA (NO), active in the Marine Transportation industry. As regards its fundamental valuation, the title loses a star(s) and now shows 2 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date April 17, 2020, the closing price was NOK 24.70 and its target price was estimated at NOK 22...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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