Report
Nicolay Dyvik
EUR 92.25 For Business Accounts Only

Golden Ocean (Hold, TP: NOK34.00) - Uneventful Q1

Uneventful Q1 Golden Ocean’s dividend was cut to zero as the company directs its focus towards cash preserving and “increasing (its) liquidity if the weak market continues”. On our current rate estimates we do not expect the company to breach its covenants and expect the 2021 facility to be refinanced before maturity. However, liquidity could become a concern in a prolonged downturn. We reiterate our HOLD and have cut our target price to NOK34 (38).
Underlying
Golden Ocean Group Ltd

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Nicolay Dyvik

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