SFL Corporation Ltd (Buy, TP: USD9.00) - Bulk tailwinds into Q4
We have upgraded SFL Corp to BUY (HOLD) and lifted our target price to USD9.0 (8.0). In our view, the Q3 dividend hike indicates that the company has sufficient ‘financial muscle’ to handle potential negative implications from Seadrill emerging from Chapter 11, and that it is time to look ahead. Our 2021–2023 EBITDA estimates are up 7–10% on recent charter announcements.
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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