Golden Ocean Minor model adjustments
We have updated our estimates for minor rate adjustments ahead of the Q4 results (due at 08:00 CET on 19 February). We do not consider these changes to be material, and we have not changed our BUY recommendation. We forecast Q4 EBITDA of USD60m (11% above consensus of USD54m) and see an attractive risk/reward ahead of the results. We reiterate our NOK95 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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