Genco Shipping & Trading (Buy, TP: USD27.90) - Dividends set to narrow NAV gap
Ahead of the Q4 results, we have raised our estimates slightly and find ourselves on a par with consensus for 2021e and ~6% below for 2022–2023e. In our view, sentiment is set to shift following the Winter Olympics, and we view Genco’s valuation P/NAV of ~0.7x as attractive ahead of the new dividend policy being implemented. We reiterate our BUY and have lifted our target price to USD27.9 (27.0).
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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