Report
Jørgen Lian
EUR 94.52 For Business Accounts Only

2020 Bulkers (Hold, TP: NOK150.00) - Balanced return potential

2020 Bulkers’ strong year-end trading returned a ~18% run-rate dividend yield, while we forecast ~12% for 2024–2026, reflecting more balanced risk/reward dynamics. We still see downside risk to Chinese demand and the elevated vessel values, but upside potential from positive supply-side fundamentals. We reiterate our HOLD, but have raised our target price to NOK150 (146).
Underlying
2020 Bulkers Ltd

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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