SFL Corporation Ltd (Buy, TP: USD9.00) - Adding lease with Trafigura
SFL Corp announced yesterday it has agreed to acquire four LR2s (built in 2014 and 2015 and with scrubbers installed) for USD160m. The vessels will be chartered out to Trafigura on 5-year time charters at cUSD22k/day. We calculate a transaction EV/EBITDA of 8.5x, implying 5–6% potential upside to our 2021–2023e EBITDA, all else being equal.
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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