Report
Jørgen Lian
EUR 95.03 For Business Accounts Only

Western Bulk Chartering (Buy, TP: NOK41.00) - Normalisation set to come

Western Bulk Chartering reported a lower-than-expected H1 in a soft market; however, we believe the company will improve its earnings in a slightly better H2, and trending towards normalised net TC margins in 2024. We expect the average vessel count to rise in H2 and see additional c20% upside potential to our estimated net TC result for 2024e by increasing the vessel count to 165, utilising the vessel potential at the current cost base, with normalised margins. We reiterate our BUY and have raised our target price to NOK41 (40).
Underlying
Western Bulk Chartering

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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