Genco Shipping & Trading Minor model adjustments
Q3 adj. EBITDA was 9% below consensus. The company initiated a regular quarterly dividend policy of USD0.175/share, which was increased to USD0.5/share for Q3 following the asset sales. We expect strong dry bulk rates for Q1 2020, but we are less optimistic thereafter due to weak demand, scrubber off-hire ending in March, and increasing speeds. We have updated our estimates, owing to the Q3 results and sales of older vessels. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD13.1 target price.
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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