Golden Ocean (Buy, TP: NOK69.00) - Bigger and better
We have added the acquired fleet of 18 modern dry bulk vessels, and thus have lifted our estimates. As second-hand values in dry bulk are at a considerable discount to newbuilds, despite a record-low orderbook and technology-risk qualms about contracting, we believe the timing will prove attractive. Golden Ocean has a track record as the premium dry bulk stock, and as markets strengthen in tandem with investor optimism, we believe a re-rating is at hand. We retain our BUY and have raised our target price to NOK69 (57).
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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