Western Bulk Chartering (Buy, TP: NOK32.00) - Time to perform
Despite a weak 2023 (after-tax net loss of USD15.6m), we expect earnings to move towards our tweaked ‘normalised’ estimate in 2024 assuming historical TC margins. We see c70% upside potential to our 2024–2026e EBITDA from applying a net TC margin of 9% (midpoint of historical 7–11%) to the current FFA curve, implying a share price of cNOK50 at an EV/EBITDA of 5.0x. We reiterate our BUY, but have cut our target price to NOK32 (41).
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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