GSLD - Global Ship Lease: Dividends Coming Back But With An Equity Raising

• It has been many years since Global Ship Lease has paid a dividend on their common shares.
• Recently management spoke of reinstating their common dividends following refinancing their 2022 debt to help them raise equity for acquisitions.
• Looking at their fundamentals, shareholders should keep their expectations modest in the medium to long-term since their free cash is lumpy and they carry high leverage.
• At least their liquidity appears strong, which mitigates a degree of the risks from their high leverage.
• Given this situation, I believe that a neutral rating is appropriate.

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