SFL Corporation Ltd Minor model adjustments
We have updated our estimates following the Q1 results and recent financings. SFL Corporation demonstrates solid capacity to capitalise on attractive markets with its two recent 3-year PCC charter contracts and the latest short-term charter for Hercules at highly favourable rates. However, we continue to believe a softer Liner market could weigh on longer-term prospects, with a meagre demand outlook but a substantial orderbook. We do not consider our estimate changes to be material, and we have not changed our HOLD recommendation. We reiterate our USD9.3 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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