Western Bulk Chartering (Hold, TP: NOK45.00) - Set to return to ‘normal’
Western Bulk Chartering reported better-than-expected H2 results despite declining markets; however, we believe earnings should now trend towards normalised levels. Although we expect earnings to come down from last year’s highs, we see attractive 2023–2025e dividend yields averaging ~10%. We have downgraded to HOLD (BUY) but increased our target price to NOK45 (44).
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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