Western Bulk Chartering (Buy, TP: NOK40.00) - Discounted to normalised markets
Western Bulk Chartering indicated a minor negative result for H1 in its market update in May. However, the FFA curve should offer earnings support – indicating a net time-charter margin of ~USD1,000/day for H2 and 2024 on historical margins, in line with our modelling for normalised markets long-term. Hence, we find the stock overly discounted following the recent share price drop, and have upgraded to BUY (HOLD), while we have lowered our target price to NOK40 (45).
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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