Golden Ocean (Buy, TP: NOK88.00) - Attractive operating leverage
We have been surprised by the atypical strength in freight rates but remain positive on the sector and have lifted our 2021e EBITDA by 19%. Golden times call for golden measures, as Golden Ocean’s recent vessel transactions raise its already attractive operating leverage – which, coupled with liquidity and historical performance, we believe should see the stock return to its 2018 valuation. We reiterate our BUY and have lifted our target price to NOK88 (69).
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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