Ocean Yield (Buy, TP: NOK26.00) - USD130m impairments for Q3e
Ocean Yield said yesterday it expected to book USD130m of impairments in Q3 (USD95m for the FPSO, USD35m for Connector). This would reduce the pro-rata equity ratio to 26.1%, meaning the company has another USD40m threshold to its 25% covenant. It reiterated its pledge to pay “stable” dividends, likely referring to the recent quarterly DPS of USD0.05, which on our estimates implies a payout ratio of c50%. This would allow the equity ratio to build 0.7%-points every quarter, everything else being equal.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.
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.