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Mats Bye
  • Mats Bye

Ocean Yield (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued our coverage of Ocean Yield following KKR’s successful acquisition of 94% of Ocean Yield’s outstanding shares in the voluntary offer. KKR intends to complete a compulsory acquisition of the remaining shares in Ocean Yield. We withdrew our recommendation and target price on the stock on 13 September following the offer; our last published estimates should no longer be relied upon.

Haakon Amundsen ... (+2)
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Terminating coverage

ABGSC terminates coverage of Ocean Yield HOLD is our final recommendation NOK 41 is our final target price

Ocean Yield ASA: 1 director

A director at Ocean Yield ASA sold 25,000 shares at 41.020NOK and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

Mats Bye
  • Mats Bye

Ocean Yield (No_rec, TP: NOK) - Bid by KKR

This morning, Ocean Yield announced it has reached an agreement for KKR to launch a voluntary offer of NOK41/share. Aker ASA, holding 61.7% of the shares, has undertaken to accept the offer, and the board of directors recommends shareholders accept. The closing price on Friday was NOK32.5 and the offer price represents a 26% premium to the last close, a 38% premium to the average share price of the past six months and a 17% premium to our NOK35 SOTP (including USD50m value for the FPSO). Given D...

Mats Bye
  • Mats Bye

Ocean Yield (Buy, TP: NOK37.00) - NOK41 offer from KKR

Ocean Yield announced this morning it has reached an agreement for KKR to launch a voluntary offer of NOK41/share. Aker, holding 61.7% of the shares, has undertaken to accept the offer, and the board of directors recommends shareholders to accept. The offer price is at a 26% premium to last close, and a 17% premium to our SOTP.

Haakon Amundsen ... (+2)
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Bid for the company at NOK 41/sh

26% premium to last close FPSO option to Aker Energy Board recommended, and with accept from Aker

Haakon Amundsen ... (+2)
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Fleet or DPS growth expected from here

Q2 broadly in line High transaction activity has continued 6.4% dividend yield at ~41% payout

Mats Bye
  • Mats Bye

Ocean Yield Minor model adjustments

We have updated our estimates following the Q2 report and recent deal announcements. In our view, the Q2 results confirmed the case, supporting our view that its solid balance sheet should allow Ocean Yield to execute on new acquisitions, in turn building up its distribution capacity. We do not consider these estimate changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK37 target price.

With a more favourable environment, OCEAN YIELD improves to Slightly P...

OCEAN YIELD (NO), a company active in the Marine Transportation industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 8, 2021, the closing price was NOK 30.00 and its potentia...

Jørgen Lian
  • Jørgen Lian

Financing 2°C Shipping - Financial risk of future regulations

We have worked with KLP and other partners in the Green Shipping Programme to assess the risk for financial stakeholders in various shipping technologies within the VLCC, Capesize and 10k TEU container segments. We find: 1) relative attractiveness of short-dated assets with scrubbers; 2) high uncertainty among newbuild alternatives in an uncertain regulatory environment; 3) that current IMO targets seem within reach in our base case; and 4) that further tightening of regulations is needed to ali...

Mats Bye
  • Mats Bye

Ocean Yield (Buy, TP: NOK36.00) - Stepping up its distribution

We reiterate our BUY, but have lifted our target price to NOK36 (31), as we see increasing dividends into 2022e. The legacy portfolio is managed, and we believe the FPSO could be viewed as an option on a continued oil price recovery, with limited downside risk attached. Q1 run-rate orders in the container shipping space represented 30% of the fleet, which should see new transactions emerge over the next few quarters, further strengthening the distribution capacity.

Haakon Amundsen ... (+2)
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Time to chase growth

Q1 adjusted EBITDA in line DPS climbing, now at ~6% yield with 54% payout We stick to BUY

Mats Bye
  • Mats Bye

Ocean Yield (Buy, TP: NOK31.00) - Firepower remains

Two customers declared purchase options at end-March, and Ocean Yield has announced full (NOK250m) repayment of the OCY04 bond. We continue to believe the company is in a healthy financial position, with significant ‘firepower’ for new vessel acquisitions. With a Q1e EBITDA of USD46m, we are 3% below consensus. We reiterate our BUY but have lifted our target price to NOK31 (29).

Jørgen Lian
  • Jørgen Lian

DNB Markets Shipping Conference: Decarbonisation takes centre stage

DNB’s 14th annual Energy & Shipping Conference culminated in yesterday’s shipping day. The main theme was decarbonisation of shipping, and its market impact today. Attendees included representatives from IMO and Trafigura, along with several shipping companies taking action towards ambitious decarbonisation targets. Also, the crude tanker and LPG panels both proved rather optimistic despite recent market lows.

Alexander Aukner ... (+9)
  • Alexander Aukner
  • Frank Maaø
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mats Bye
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Tomi Railo
Haakon Amundsen ... (+2)
  • Haakon Amundsen
  • Karl Fredrik Schjøtt-Pedersen

Ocean Yield - Portfolio clean-up becoming visible

Q4 much in line, minor estimate revisions De-risking becoming visible, limited clean-up remaining BUY reiterated, TP up to NOK 32 (30)

Mats Bye
  • Mats Bye

Ocean Yield (Buy, TP: NOK29.00) - Solid platform for increased DPS

We have made only minimal changes to our estimates following the Q4 results, among which, we have edged up our 2021–2022e EBITDA by 1% on our lower cost assumptions. Q4 marked the second quarter with an increase in the dividend, and we believe the financial and operating platforms will allow for further increases. We reiterate our BUY, and have lifted our target price to NOK29 (28) on our slightly higher payout estimates.

Christer Magnergård ... (+7)
  • Christer Magnergård
  • Jesper Ingildsen
  • Jørgen Lian
  • Mats Bye
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
Mats Bye
  • Mats Bye

Ocean Yield (Buy, TP: NOK28.00) - Looking set to invest

We expect Ocean Yield to report Q4 EBITDA of USD46m (results due after market close on 15 February). 2020 was a transformative year, with the company further reducing its exposure to the oil service sector. We reiterate our BUY and NOK28 target price.

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