Eagle Bulk Shipping (Buy, TP: USD65.00) - Positive Q4 rate guidance
We have reduced our 2022–2024e adjusted EBITDA by 4% on average following the Q3 results. We find Eagle Bulk’s trading activity supportive for its Q4e earnings potential, with a large portion of the fleet locked in at rates above the current trajectory. We are optimistic on China reopening effects, likely a 2023 event, and see limited downside potential given the 28% discount to NAV and constrained supply side. We reiterate our BUY and have raised 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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