SFL Corporation Ltd (Hold, TP: USD8.00) - Looking fairly valued ahead of Q3
We are 5% above consensus EBITDA ahead of the Q3 results (due before market open tomorrow). The company announced the sale of seven Handysize bulkers in September, prompting us to reduce our EBITDA by 3% for 2022e and 4% for 2023e. Following the share price gains since August, we now consider the stock fairly valued. Hence, we have downgraded SFL Corp to HOLD (BUY), while we reiterate our USD8.0 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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