Genco Shipping & Trading (Hold, TP: USD17.60) - Solid, but no escaping the market
Our cautious view on dry bulk is somewhat offset by Genco’s favourable risk profile, with low financial leverage and a sizeable discount to underlying asset values at an EV/GAV of 0.63x. However, we struggle to see any positive share-price triggers near- to medium-term, but do see material downside risk to asset valuations decoupling from underlying rates. Hence, we reiterate our HOLD and have lowered our target price to USD17.6 (17.8).
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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