AMSC ASA (Buy, TP: NOK56.00) - c16% 2023–2025e dividend yield
c16% 2023–2025e dividend yield We have trimmed our estimates to reflect AMSC’s floating interest rate exposure. Our assumptions still imply a 2023–2025e dividend yield of c16% (current run-rate of 12.9%), versus the historical c11%. We reiterate our BUY but have cut our target price to NOK56 (58).American Shipping Company is a U.S. ship owning and lease finance company with focus on building a premier ownership position. Through its subsidiaries, Co. is engaged in the purchase and bareboat chartering of product tankers, shuttle tankers, and other vessels to operators and end users in the Jones Act market. Co. owns ten modern 46,000 dwt MR product tankers that were built by Aker Philadelphia Shipyard. All ten vessels are on long term fixed rate bareboat charters with Overseas Shipholding Group Inc. Co. also holds an equity stake in Philly Tankers AS/LLC, founded in 2014 to build two new product tankers at Aker Philadelphia Shipyard.
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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