Ocean Yield (Hold, TP: NOK71.00) - Neutral Q4
Ocean Yield reported Q4 EBITDA of USD80m, in line with our forecast and consensus. As we and consensus had expected, DPS growth was maintained; current DPS of USD0.1895 represents an 8.3% annual yield. As we had expected, management was upbeat on the investment growth outlook for 2018 following the recent high investment activity. With few surprises in the report, we expect a neutral share price reaction.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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