SFL Corporation Ltd (Buy, TP: USD13.50) - Drilling for value
Q2 was another strong quarter with the fourth consecutive dividend increase. We believe there is considerable long-term support for the dividend without considering any potential benefit from the strengthening Offshore markets. If we include our estimated earnings from West Hercules and West Linus, the potential for distributable cash flows could approach USD0.5/share, in our view. We see ample upside potential, while the contract backlog supports the current valuation. Due to the attractive risk/reward, we have raised our target price to USD13.5 (11.0) and upgraded to BUY
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.