Golden Ocean (Buy, TP: NOK149.00) - Outlook offsets near-term slump
Golden Ocean reported a solid Q4, while a weaker quarter looms on softer guidance and contracting rates due to seasonality. However, we see upside potential to spot markets supported by the FFA curve for H2, and the limited share price reaction yesterday suggests the near-term negativity is priced in – also indicating upside potential ahead. We expect an average earnings yield of c20% for 2023–2025, supported by a restrained supply pipeline. We reiterate our BUY and have raised our target price to NOK149 (138).
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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