2020 Bulkers (Buy, TP: NOK130.00) - Substantial distribution capacity
We believe 2020 Bulkers’ ~30% discount to NAV offers a continued attractive entry point into a quality name with substantial dividend power, reflected in the company’s October trading generating shareholder distributions equalling a ~27% annualised yield. While we expect more balanced fundamentals, the stock’s upside optionality remains substantial in our view, and we thus reiterate our BUY and have raised our target price to NOK130 (126).2020 Bulkers Ltd is a Bermuda-based owner and operator of cargo ships. The Company owns as subsidiaries 2020 Bulkers I Inc and 2020 Bulkers II Inc in Liberia. Entities are parts to shipbuilding contract with New Times Shipbuilding Co. Ltd. for construction and delivery of Newcastlemax dry bulk vessel. The Company's main shareholders comprise Magni Partners and Titan Opportunities Fund.
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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