2020 Bulkers (Buy, TP: NOK163.00) - NAV up c50% YTD
We calculate 2020 Bulkers is trading at 0.75x its NAV/share of NOK147, which, on our numbers, is up c50% YTD after a meaningful rise in asset values. The benchmark Q2–Q4 Capesize FFA is up 40% YTD (from USD14.9k/day to USD20.7k/day). In our view, this reflects the long-term prospects for the sector, supported by the record-low orderbook-to-fleet ratio, encouraging demand newsflow from China, and latent upside to ROW imports. We reiterate our BUY and have raised our target price to NOK163 (161).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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