SFL Corporation Ltd Minor model adjustments
We have updated our estimates following the Q3 results and the company’s refinancings for Q4. We find SFL Corporation well positioned for solid revenues despite some container headwinds. We do not consider our estimate changes to be material, and we have not changed our BUY recommendation. We reiterate our USD13.5 target price, which reflects upside potential to the company’s dividend capacity heading into 2023e.
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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