Golden Ocean (Buy, TP: NOK83.00) - Table set for dividends again
The Q4 results are due before market open on 20 February. We are in line with consensus on EBITDA, but 21% above on net profit. We believe the company has sufficient cash generation for 2018 onwards as the market improves, and see potential for dividends reinstated from Q4. We reiterate our NOK83 target price and BUY recommendation.
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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