SFL Corporation Ltd (Hold, TP: USD9.10) - Higher yield on more uncertainty
We reiterate our HOLD on SFL, but have cut our target price to USD9.1 (14.7), based on an 11% dividend yield at a new DPS of USD0.25. We view an increased yield as warranted, in light of the backlog uncertainty due to lower GDP growth as well as the ongoing Seadrill restructuring.
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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