Genco Shipping & Trading (Buy, TP: USD19.00) - ~70% upside to 1.0x P/NAV
The market is offering discounted access to Genco’s relatively vintage fleet, with low cash breakeven from modest financial leverage, high operating leverage and substantial dividend power, reflected in the stock’s ~70% upside potential to 1.0x P/NAV. We reiterate our BUY and have raised our target price to USD19.0 (18.7).
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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