Ocean Yield (Buy, TP: NOK28.00) - Connector out
Ocean Yield announced on Friday that it had sold the 2011-built construction and cable-laying vessel “Connector” to a third party. We had forecast a slight positive net profit contribution for the unit in 2021, but negative USD5m on cash, and believe consensus for the unit was low. Pro-rata, the transaction looks neutral for Ocean Yield’s cash position, while negative 1%-point for the equity ratio. The company continues to build down exposure to the offshore space, in our view reducing dividend-capacity uncertainty.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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