Genco Shipping & Trading (Buy, TP: USD14.60) - New strategy announced
Yesterday evening, Genco announced a new strategy, entailing growth, deleveraging, and a compelling dividend payout. In our view, Genco’s asset base is well suited to the task, which coupled with strong markets and a robust balance sheet could see shareholders enjoy strong returns on invested capital. Genco aims to deliver this through a low cash-breakeven and net loan-to-value ratio. We reiterate our BUY and have lifted our target price to USD14.6 (11.9).
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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