Ocean Yield (Buy, TP: NOK71.00) - Stable dividend and FPSO clarity
Ocean Yield reported Q4 EBITDA adj. of USD55.0m, 5% below consensus and 2% below our forecast. It announced an option contract with Aker Energy for the FPSO, which we believe will come to fruition and remove risks regarding dividend payments. DPS was USD0.1910, unchanged from Q3. In-line results and de-risking of the investment case prompt us to upgrade to BUY (HOLD), with a new target price NOK71 (NOK58).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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