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Sa2ri
GOGL 03.09.2018 kl 08:27 19176

PAS er ute med ny månedsportefølje I dag. De beholder GOGL og begrunner dette som følger:

"GOGL – BUY, TP NOK 97 / USD 17.5
Near five years after Fredriksen’s previous growth vehicle Frontline 2012 stated that it wanted to create a spot oriented capsize vehicle that could “pay out dividends almost every day” we are finally getting here. The Q2’18 report was just ahead of expectations, and we believe the 10/cent per quarter dividend will increase steeply from Q3. The capesize market has stabilized well above USD 20,000/day, panamax rates are trending upwards, and the overall demand picture from China is encouraging. The market will eventually start to talk about yield again, and we continue to see significant upside. With USD 1.6/share of FCF at what we consider to be fairly modest 2019 estimates (USD 20k/day for capes) the potential is substantial. Current NAV of USD 9.1 rises to 10.7 if values increase 10%, and if cape-rates go to 30k GOGL could see two dollars of EPS next year."

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