Ocean Yield (Buy, TP: NOK26.00) - Balance sheet focus remains
We have updated our model for recent events, and lowered our EBITDA for 2021e by 4% and 2022e by 3% due to the: 1) Höegh Xiamen total loss; and 2) JV with Aker Capital. Strengthening the balance sheet remains the top priority, and we continue to believe the quarterly distribution of USD0.05/share allows significant headroom for further impairments. We reiterate our BUY, but have cut our target price to NOK26 (30), based on a dividend yield of 7%.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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