2020 Bulkers Minor model adjustments
We have updated our estimates following the Q2 results. Our H2 outlook is now less optimistic as the dry bulk market recovery is still on hold. We believe lacklustre headlines about the Chinese recovery could translate into softer imports and offset a subsequent global demand upturn. However, the fundamentals and valuation remain constructive longer-term, in our view. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price to NOK158 (151), primarily on FX movements.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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