SFL Corporation Ltd (Hold, TP: USD7.50) - Making balance sheet more robust
SFL Corp announced on Friday that it has sold 50.1% of a subsidiary that leases out four 19k TEU container vessels. This allows the company to remove debt from the balance sheet, strengthening the equity ratio by close to 4%. Using the Q3 report, adding a positive effect from the container sale, and assuming a full write-down of the West Taurus claim, SFL would have a pro-rata equity ratio of 25%, with cUSD200m “buffer” available for further write-downs.
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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