Genco Shipping & Trading (Buy, TP: USD20.60) - Ridding debt restrictions
We have updated our modelling following the Q1 results, and have lowered 2018e adjusted EBITDA by 4%. The news on refinancing is a clear positive, in our view, enabling Genco to act on market opportunities best suited to its shareholders, be it dividends or vessel acquisitions. We see solid fundamentals for dry bulk for remainder of 2018e. We reiterate our BUY, but have raised our target price to USD20.6 (USD19.8).
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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