Golden Ocean (Sell, TP: NOK92.00) - Elevated expectations
We expect the dry bulk market to remain muted in the near term, as the YOY shipping demand growth in 2024 has reversed into 2025, while the fleet has expanded by 3%. Further, we believe sell-side expectations remain elevated (we are 27% below consensus on 2025e EBITDA) and are likely to move lower and weigh on the company’s valuation, which still implies a 5-year-old Capesize vessel priced 30% above its 10-year average. Hence, we reiterate our SELL and NOK92 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.
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