Ocean Yield (Buy, TP: NOK71.00) - One step closer
An option contract with Aker Energy is not a firm contract, but we believe the remaining hurdles will be cleared to reach an FID by May this year. We have updated our model for this, as well as operational issues, and raised our 2019–2020e net profit by 11%. Factoring in the Aker Energy opportunity, we view the quarterly DPS of USD0.1910 as sustainable. We reiterate our BUY and NOK71 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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