SFL Corporation Ltd (Buy, TP: USD13.50) - Firm despite container headwinds
Market unrest has brought container woes to light, with global spot rates falling c65% since the start of 2022. However, SFL’s share price has gained c20% over the same period, in our view as investors find comfort in a solid container counterpart catalogue, mitigating potential market headwinds, and should see the company’s dividend capacity prevail, while the recent backlog build supports our valuation and growth outlook. We reiterate our BUY and USD13.5 target price.
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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