DnB Markets

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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.

 

Nicolas McBeath
  • Nicolas McBeath
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AZA Avanza Bank Hol...

Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence

We expect rising stock markets and customer activity to offset much of the NII headwind from looming rate cuts, and to drive positive consensus earnings revisions for 2024–2025e. Our 2024–2026 EPS forecasts are broadly unchanged, leaving the stock trading at a 2025e P/E of c17x. With 10% upside potential to our unchanged SEK257 target price, we reiterate our HOLD.

AZA AVANZA BANK HOLDING AB
7h / 22m 7h / 22m 1 EN
Steffen Evjen
  • Steffen Evjen
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AKRBF AKER BP ASA
EQNR EQUINOR ASA ... (+8)

Solid NCS production in March

The preliminary Norwegian Offshore Directorate (NOD) production figures for the NCS in March showed strong liquids production of 2,086kboed (~4% above forecast) and gas production of 365mcm/d (broadly in line). Overall production was up 2.7% MOM. On a company level, production was down MOM for most names in February; Aker BP and Equinor were hit by reduced production from Johan Sverdrup, while Vår Energi was hampered by downtime at Fenja.

AKRBF AKER BP ASA
EQNR EQUINOR ASA
NOR NORWEGIAN ENERGY CO. ASA
PEN PANORO ENERGY ASA
DNO DNO ASA CLASS A
OKEA OKEA
BWE BW ENERGY
VAR VÅR ENERGI
8h / 9m 8h / 9m 1 EN
Steffen Evjen
  • Steffen Evjen
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AKRBF AKER BP ASA
EQNR EQUINOR ASA ... (+8)

Weekly news, topics & discussion

This week, we published a Q1 preview on Equinor. We believe its share price upswing since its CMU is mainly attributable to strong performance by its peer group. The stock is trading at a 15% premium to peers, in line with its historical average. In other news, Vår Energi reported Q1 production in line with our estimates, with realised prices slightly above. We expect focus in the full Q1 report (due on 23 April) to be on Balder X and Johan Castberg. Also, according to news sources, Equinor’s ch...

AKRBF AKER BP ASA
EQNR EQUINOR ASA
NOR NORWEGIAN ENERGY CO. ASA
PEN PANORO ENERGY ASA
DNO DNO ASA CLASS A
OKEA OKEA
BWE BW ENERGY
VAR VÅR ENERGI
8h / 32m 8h / 32m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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SDRL SEADRILL LTD
ODL Odfjell Drillin... ... (+10)

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

SDRL SEADRILL LTD
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
9h / 26m 9h / 26m 1 EN
Alexander Aukner
  • Alexander Aukner
BMK BENCHMARK HOLDINGS
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
10h / 4m 10h / 4m 1 EN

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