Genco Shipping & Trading (Buy, TP: USD27.10) - Trimming the sails
We have trimmed our near-term estimates to reflect current headwinds in the dry bulk space, and have cut our 2022–2023e adj. EBITDA by 10% on average. The current NAV is affected by deteriorating asset values due to the gloomy macroeconomic outlook, though we see potential for a Chinese rescue into 2023 followed by a return of long-haul Vale volumes, at which point we anticipate hoisting the t’gallants into a substantially stronger dry bulk market. We reiterate our BUY, but have trimmed our target price to USD27.1 (28.5).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.