2020 Bulkers Minor model adjustments
2020 Bulkers reported Q3 EBITDA of USD0.9m, in line with our forecast, and declared a DPS of USD0.055 (we had forecast zero). We expect strong dry bulk rates for Q1 2020, but a combination of weak demand, scrubber off-hire coming to an end in March, and speeds on the up make us less optimistic on rates thereafter. We have updated our estimates post the Q3 results, but do not consider these changes to be material, thus we reiterate our BUY and NOK95 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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