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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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
RIGN TRANSOCEAN LTD.
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
DDRIL DOLPHIN DRILLING
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
02/21/25 February 21, 2025 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
02/21/25 February 21, 2025 1 EN
Simen Mortensen
  • Simen Mortensen
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HUFV A Hufvudstaden AB...
OLT Olav Thon Eiend... ... (+20)

Last of the Q4s

Q4 reporting season wrapped up this week, with the last six of the names in the sector we cover releasing their results. In other news, the largest-ever hotel transaction in the Nordics was announced. The weighted-average implied EBITDA yields on the stocks we cover are 4.85% for 2025e and 5.22% for 2026e.

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
02/21/25 February 21, 2025 1 EN
Jørgen Lian
  • Jørgen Lian
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TNK TEEKAY TANKERS

Teekay Tankers (Buy, TP: USD61.00) - Throttle up on re-pricing launch

We expect solid mid-size tanker rates and find Teekay Tankers trading at a 50%+ discount to steel values. On our FCFE by end-2026e, the current cash position and end-of-period fleet value on historical average vessel values, we calculate 55% upside potential to the current share price, and believe a strong Q1 special DPS could be a near-term catalyst for the stock. We reiterate our BUY, but have reduced our target price to USD61 (62).

02/21/25 February 21, 2025 1 EN
Jørgen Lian
  • Jørgen Lian
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GNK Genco Shipping ...

Genco Shipping & Trading (Hold, TP: USD15.40) - Solid footing; demandi...

We continue to see challenging fundamentals for dry bulk near-term and downside risk to elevated asset valuations. However, Genco’s ~40% discount to underlying values compares favourably to its less discounted peers and removes much of the downside risk, we believe. Also, using its solid financial position and flexibility, we expect the company to sustain dividends through what looks likely to be a challenging H1. In sum, we still see the risk/reward as balanced and reiterate our HOLD. We have l...

GNK GENCO SHIPPING & TRADING LTD.
02/21/25 February 21, 2025 1 EN

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