Ocean Yield (Buy, TP: NOK31.00) - Firepower remains
Two customers declared purchase options at end-March, and Ocean Yield has announced full (NOK250m) repayment of the OCY04 bond. We continue to believe the company is in a healthy financial position, with significant ‘firepower’ for new vessel acquisitions. With a Q1e EBITDA of USD46m, we are 3% below consensus. We reiterate our BUY but have lifted our target price to NOK31 (29).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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