SFL Corporation Ltd Minor model adjustments
We have updated our estimates following the Q2 report, adjusted the two rigs’ operating income timing, and made other minor revisions. We still find support for an increased quarterly DPS on SFL’s contract backlog growth (from cUSD3.2bn at end-2023 to cUSD4.9bn at end-Q2), but see potential utilisation risk on Hercules’ contract, which is set to end in Q4. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our USD12.5 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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