SFL Corporation Ltd (Hold, TP: USD7.50) - Adding USD200m of backlog
SFL Corp announced last night that it has entered into 10-year charters for two newbuild 7k CEU car carriers, to be delivered in 2023, using its two existing car carriers as a bridge solution for the counterparty. Returns look healthy, at an EV/EBITDA of c8x and an unlevered IRR close to 8% on our calculations. The transaction delivers on SFL’s recent pledge to look into investment opportunities with “a positive impact on the environment”.
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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