55% market-adjusted leverage
After a successful equity raise, vessel transactions, and a rise in asset values, we calculate that Golden Ocean has 55% market-adjusted leverage, which has allowed it to terminate waivers with banks and led us to reinstate dividends for 2018e (see our 3 September update). We reiterate our BUY recommendation and NOK83 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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