Golden Ocean (Buy, TP: NOK106.00) - Thriving in volatile markets
The combination of its Q3 beat and firm fixtures coupled with its continued priority on dividends drove up the share price today. This illustrates the company’s strong earnings capacity and the reactiveness of market sentiment given the sector’s attractive pricing and long-term favourable supply-side fundamentals. Compared to Golden Ocean’s historical NAV-parity pricing, the market is still valuing the stock at a discount. We reiterate our BUY and NOK106 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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