Golden Ocean (Sell, TP: NOK140.00) - Mounting downside risk
We believe buyside expectations are founded on lasting extraordinary factors that are inflating dry bulk shipping demand by 10%+. However, we expect a reversal on flailing fundamental demand and current tailwinds normalising. This should leave the market wary of elevated asset values propping up NAVs on which equities are trading at a premium, as current 12-month charter rates suggest a yield of just 9% for Golden Ocean. We reiterate our SELL and NOK140 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.