SFL Corporation Ltd (Hold, TP: USD11.20) - Dividends show confidence
Following the Q4 results, we have made only minor adjustments to our 2023–2024e adj. EBITDA; we now forecast USD469m for 2023. The company once again demonstrated its ability to provide sound shareholder returns through a continued focus on dividends (up ~4% QOQ in Q4), and we see potential for further hikes if Hercules can secure longer-term employment from end-2023. However, rising interest rates are putting yield pricing under continued pressure, and we therefore reiterate our HOLD, but have raised our target price to USD11.2 (11.0).
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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