SFL Corporation Ltd (Hold, TP: USD7.50) - Uncertain next six months
We reiterate our HOLD on SFL Corp, as uncertainty regarding the Seadrill restructuring remains, and we believe both equity and cash are likely to be strained when the dust settles. Having adjusted our model for the Q3 report, and estimated effects for the wholly owned associates, we have reduced our adj. net income by 21% to USD84m for 2020e and by 34% to USD63m for 2021e. We have cut our target price to USD7.5 (9.1), based on a dividend yield of 8%.
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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