2020 Bulkers (Hold, TP: NOK146.00) - Share price leaves less on the table
The recent performance of 2020 Bulkers’ stock leaves a less-appealing entry point for investors, in our view. While the long-term case of limited supply growth constrained by yard availability and elevated newbuild prices is intact, we believe the excessive dry bulk demand in China for much of 2023 could be challenged in 2024e. With asset values reflective of better markets underpinning the valuations, we find reason to be cautious at these levels. We have downgraded to HOLD (BUY) but raised our target price to NOK146 (130).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.