Eagle Bulk Shipping (Buy, TP: USD65.00) - Mid-size strength lifts estimates
The sustained strength for mid-size bulk carriers has lifted our 2022e EBITDA by 17% as we now forecast a sailed-in TCE rate of USD19.6k/day, versus the FFA at USD22.6k/day. This supports our 2022e dividend yield of 8% at Eagle Bulk’s minimum payout ratio of 30%. We reiterate our BUY and have lifted our target price to USD65 (63).
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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