Golden Ocean (Buy, TP: NOK83.00) - Prudent approach to dividends
We reiterate our BUY and NOK83 target price. We have made only minor estimate changes following a strong Q4. With its USD1.3bn market cap and 51% market-adjusted leverage, Golden Ocean is the leading dry bulk name and one of our top picks for 2018.
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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