Vår Energi (Hold, TP: NOK35.00) - Guidance looks like a stretch
We expect a slow start to the year for Vår Energi, with Q1e production of 277kboed, leaving our EBITDA c7% below consensus. Moreover, our 2025e production of 327kboed is below guidance of 330–360kboed and 6% below consensus. Ultimately, we believe even the low end of the production guidance hinges on a successful and on-time ramp-up of Johan Castberg and Balder X. We reiterate our HOLD and have reduced our target price to NOK35 (36) due to estimate cuts and a lower NAV.
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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