Golden Ocean (Buy, TP: NOK139.00) - Rerating in progress
Golden Ocean exceeded consensus for Q3 and announced a dividend at a 42% yield, but we see potential for even more in Q4. Given the highly attractive sector outlook and current market rates still representing +30% cash flow yield on equity for a Capesize vessel, we see considerable upside potential in the shares. We reiterate our BUY and have raised our target price to NOK139 (133).
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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