Genco Shipping & Trading Minor model adjustments
We have updated our estimates ahead of the Q4 results due before market open on 5 March. We are slightly below Bloomberg consensus for top-line TCE revenues (-5%) and broadly in line on EBITDA, EBIT and net profit for Q4e. We do not consider these changes to be material, and reiterate our BUY recommendation and USD20.6 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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