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.

 

Martin Huseby Karlsen
  • Martin Huseby Karlsen
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EWIND EDDA WIND ASA

Edda Wind (Buy, TP: NOK30.00) - Well positioned

While EBITDA was broadly in line with expectations, the Q3 report gave early signs of improved operational reliability, which we believe will be key to narrowing the discount to underlying values (the stock is trading at 0.6x P/NAV). Recent contract awards (including a new 12+12-month contract announced with the results) have made the fleet fully booked until the 2025 summer season, and three of the four 2025 newbuild deliveries are now booked directly following yard delivery. We reiterate our B...

15h / 54m 15h / 54m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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SDRL SEADRILL LTD
ODL Odfjell Drillin... ... (+11)

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
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
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
16h / 28m 16h / 28m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD ... (+19)

Petrobras FPSO delays may hit service volumes but lengthen cycle

Being the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to get investor attention. On the positive side, its latest 5-year plan sees 5% higher E&P spending than the previous one, and has a more stable phasing between the years, which is supportive for the cycle duration. However, several FPSOs are facing significant delays, which is on the downside for oil services, leading to delays for deepwater oilfield services (primarily drilling and subsea), likely resu...

SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
16h / 40m 16h / 40m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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CADLR CADELER

Cadeler (Buy, TP: NOK80.00) - Keep building visibility

Our Q3e EBITDA of EUR47m is just below consensus of EUR49m. Cadeler continues to build backlog, with visibility extending towards the end of the decade, as recent contracts are booked for 2027–2029 execution; 60% of our 2025–2027e EBITDA is covered by firm contracts. In the near term, we believe the short-cycle O&M market offers opportunities to boost utilisation and earnings in between larger installation contracts, likely at solid economics. We reiterate our BUY and NOK80 target price.

16h / 43m 16h / 43m 1 EN
Simen Mortensen
  • Simen Mortensen
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HUFV A Hufvudstaden AB...
OLT Olav Thon Eiend... ... (+20)

Transactions, CMD and halted DPS

This week Balder, Citycon and SBB announced divestments, Public Property Invest was assigned an IG rating by Fitch, and Corem hosted its CMD. The weighted-average implied EBITDA yields on the stocks we cover are 4.45% for 2024e and 5.01% for 2025e.

HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
16h / 57m 16h / 57m 1 EN

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