Ocean Yield (Hold, TP: NOK73.00) - Highlighting FPSO uncertainty
Ocean Yield reported EBITDA of USD84.3m, 2% above our estimate and 3% above consensus. However, DPS growth missed expectations, and we expect consensus to lower its DPS forecast. With high uncertainty related to the FPSO redeployment, we have a HOLD recommendation on Ocean Yield.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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