SFL Corporation Ltd (Hold, TP: USD6.70) - Not yet out of the woods
SFL Corp has increased balance sheet robustness through its recent containership transaction. Pro rata at end-Q4, we estimate an impairment buffer of cUSD300m and a cash buffer of cUSD120m. However, the Seadrill reorganisation could take time, casting uncertainty over the refinancing of a USD212m convertible bond maturing in Q4 2021. We reiterate our HOLD and have lowered our target price to USD6.7.
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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