Eagle Bulk Shipping (Buy, TP: USD63.00) - Resilient Supramax values
Eagle Bulk reported soft Q4 EBITDA, resulting in muted dividends for the quarter (c4% run-rate yield). Opex and G&A expenses were higher than we expected, but we still forecast a decline from Q4, albeit from a higher base. We have cut our 2023e EBITDA by 5%, but still see attractive earnings potential from a structural upturn in dry bulk rates, resulting in a c14% earnings yield on 2023–2024e. We reiterate our BUY but have cut our target price to USD63 (65).
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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