2020 Bulkers (Buy, TP: NOK153.00) - Even more attractive
Following the Q4 results, we have made minor estimate revisions reflecting higher near-term operating expenses due to prolonged pandemic-related disruptions. Despite recent headwinds, the FFA market points supports our view of an improvement following the Winter Olympics, and we still find valuation support from the dividend potential. We estimate a dividend yield of 20% for 2022e and 25% for 2023e. We reiterate our BUY and have lifted our target price to NOK153 (150).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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