SFL Corporation Ltd (Hold, TP: USD11.50) - Potential uptick in dividends
SFL recently secured additional employment for Hercules at attractive rates, adding ~USD0.2/share in cash flow for 2024e, which we believe supports a potential uptick in dividends. While visibility only extends as far as 12–15 months, the company’s ability to consistently secure rolling-forward employment, along with a tight offshore market, should provide sustainable cash flow support in our view. We reiterate our HOLD, but have raised our target price to USD11.5 (9.3).
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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