Golden Ocean (Buy, TP: NOK59.00) - Dockings to weigh on results
We reiterate our BUY and NOK59 target price as we expect the dry bulk market to strengthen by year-end, with rates increasing threefold relative to the Q2e average. We have largely maintained our 2019–2021e FCF, but have reduced EBITDA on the back of our accounting change for docking expenses. With ~50% of its fleet set to dock in the next two years, we expect this to weigh on 2019-2020e results.
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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