Eagle Bulk Shipping (Buy, TP: USD66.00) - Don’t rock the boat
We have reduced our 2022–2024e adjusted EBITDA by an average of 8% following the Q2 results. While we find Eagle Bulk’s Q2 trading activity supportive for H2 earnings potential with a large portion of the fleet locked in at rates above the current rate trajectory, we have cut our 2022e DPS by 14% on lowered rate forecasts for the available fleet. We reiterate our BUY but have trimmed our target price to USD66 (68).
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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