Eagle Bulk Shipping (Buy, TP: USD71.00) - 2022 looking solid
We have revised our near-term rate forecasts and lifted our 2022e EBITDA by 32% on sustained mid-size strength. For Q1, we expect adj. EBITDA of USD84.3m, 5% below consensus. We see South America’s grain harvest season positively affecting tonne-mile demand for mid-size bulkers, while Black Sea volumes and China’s coal production remain uncertainties. We reiterate our BUY and have lifted our target price to USD71 (66), with the stock trading at a P/NAV of 0.7x.
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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