Eagle Bulk Shipping Minor model adjustments
We have updated our estimates to reflect the Q1 results, revised fuel spreads, and Eagle Bulk’s QTD fixtures, with 65% of available Q2 days fixed at ~USD16.0k/day, above our estimate and supportive of Q2 consensus EBITDA. We do not consider these changes to be material, and we have not changed our BUY recommendation. We estimate the stock is trading at a P/NAV of 0.60x and EV/GAV of 0.70x, and a 2023–2025e EV/EBITDA of 4.5x. We have lowered our target price to USD61 (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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