SFL Corporation Ltd (Hold, TP: USD8.60) - Fairly valued
We have raised our target price to USD8.60 (7.50) based on a stable quarterly USD0.15 DPS and a dividend yield of 7%. However, we believe this leaves the stock looking fairly valued, and reiterate our HOLD, with a 7% dividend yield in line with or below returns on some corporate bonds, and increases in payouts likely still some way off. In our view, SFL remains well funded, both for potential negative events from a Seadrill Chapter 11 process and for continued growth.
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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