SFL Corporation Ltd (Hold, TP: USD11.00) - Steadily building momentum
SFL announced another dividend raise in its Q1 report, as the market outlook across segments is looking ever better. Most notably, the potential for added distributable cash flows from its rigs could lead to even higher DPS should contracts materialise and rates continue upward. The positive outlook also lifts our SOTP valuation, to support our raised valuation. We reiterate our HOLD, but have raised our target price to USD11 (10).
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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