SALT (BUY, TP 9.5) 1Q18 Review: Indirect Dividend Yield of 5.3% (7-page report)

Short Comment: 1Q18 Review

• EBITDA of $18.3m slightly below our $19.4m forecast and consensus at $20.8m
• Realized TCE/d in the quarter of $10,726 was in-line with consensus but above GR at $10,352
• Offset by both opex and G&A 8% above ours and consensus forecast
• Reported net profit of -$5.8m in-line with our -$5.9m forecast but below consensus at -$2.5m
• DPS of 0.02 as expected. Additionally, $8.6m share buy-back leads to an indirect annualized dividend yield of 5.3%
• Insignificant changes to our estimate forecast
• BUY reiterated with TP $9.5 (up from $9.1)