Ocean Yield (Hold, TP: NOK71.00) - Surprise DPS miss, softer outlook
Ocean Yield proposed a DPS for Q3 of USD0.1885 (8.4% yield), below our forecast and consensus of USD0.19. We were surprised by the second DPS miss in 2017. While we consider this a conservative move, it could raise some questions about the conservative outlook. Q3 EBITDA beat our estimate by 5% and consensus by 6%. Given the softer outlook we expect the shares to marginally underperform peers today.Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
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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