Ocean Yield (Buy, TP: NOK26.00) - Q3 EBITDA in line with consensus
We expect Q3 EBITDA of USD58m, in line with Bloomberg consensus (results due after market close on 2 November). The sale of the SBM Installer sees our 2020e EBITDA down by 2% and 2021e down by 10%, also hurt by opex on the FPSO, while 2022e is down 7%, offset by the positive contribution from the recent Suezmax transaction. We continue to believe a quarterly DPS of USD0.05 reinforces the balance sheet and allows for new investments; hence we reiterate our BUY and NOK26 target price.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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