Ocean Yield (Buy, TP: NOK60.00) - 9% yield on DPS of USD0.6/year
We reiterate our BUY on Ocean Yield, but have cut our target price to NOK60 (65) on a dividend yield of 9%, based on our 2020e DPS of USD0.6. We see ~8.5% as a yield ‘floor’, given that the hybrid bond ranks senior to common equity, but the distribution capacity is set to grow as Ocean Yield recently issued USD125m in equity.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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