Western Bulk Chartering (Buy, TP: NOK32.00) - Navigating towards smoother seas
Western Bulk’s H1 report marks the sixth consecutive quarter with no declared dividends, reflecting its suboptimal results over the same period. However, on improving TC margins into 2025, we forecast a ~15% dividend yield for the year, with further upside potential to improving TC margins and an increasing vessel count. We reiterate our BUY and NOK32 target price.
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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