Golden Ocean (Buy, TP: NOK133.00) - Attractive exposure to tight market
Following the timely Hemen transaction, Golden Ocean has kept busy, adding seven Kamsarmax newbuildings while divesting two older Panamaxes. Given its operational leverage and history of shareholder returns, we view the stock as having attractive exposure to what we believe is a fundamentally tight bulk market both near- and long-term. Despite current tailwinds, we remain conservative for 2022e but still forecast attractive returns at current share price levels. We reiterate our BUY and have lifted our target price to NOK133 (128).
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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