Ocean Yield (Buy, TP: NOK71.00) - Waiting for Ghana
We have reduced our 2019e EBITDA by 1%, to USD246m, following the Q1 report, which was fairly in line with consensus. Healthy deal flow so far in 2019 is a clear positive, but Ocean Yield’s ability to continue its quarterly dividend of USD0.191/share seems to rest in the hands of the government in Ghana. We still believe that Aker Energy will call its option, but clarity on the issue could be delayed into H2. Following a change of analyst, 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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