SFL Corporation Ltd (Hold, TP: USD9.30) - Offshore potential; shaky for Liners
SFL has secured additional work for Hercules, adding USD0.2/share in run-rate dividend potential compared to our base case. However, this is countered by a shaky outlook for Liners, as the company has 20 vessels set for renewal in 2024–2025. Increasing interest rates have weighed on the stock in recent weeks. Overall, we reiterate our HOLD, but have lowered our target price to USD9.3 (11.2).
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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