Golden Ocean (Buy, TP: NOK128.00) - Focus on cash build-up
We have updated our estimates and lifted our 2021e EBITDA by 7%. We view the recent Capesize rally as partly congestion-driven – in our view, amplifying the strong dry bulk supply/demand fundamentals. DPS is likely to be in focus, as we expect Golden Ocean to build cash throughout our forecast period. We reiterate our BUY and have lifted our target price to NOK128 (126).
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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