Genco Shipping & Trading (Buy, TP: USD13.60) - Largest discount to asset values
We have cut our Q2 rate estimates and lowered our 2019e adj. EBITDA by 22%. However, we are encouraged by the 1-year TC market for Capesizes recovering from USD11k/day to USD15k/day since March, supporting our dry bulk investment case. Of the peer group, Genco offers the largest discount to NAV, while being in a sweet spot on financial and operational leverage, in our view. We reiterate our BUY recommendation and USD13.6 target price.
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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