Agilyx (Buy, TP: NOK40.00) - Progressing as planned
With the H2 results largely in line and no major news on Cyclyx or the conversion side, we consider the report neutral and have barely changed our estimates. On the bright side, Agilyx cites high demand for its circularity centres (CCCs), with nine petrochemical companies having signed MoUs for offtake from future centres. We reiterate our BUY and NOK40 target price based on five initial CCCs, but see further upside potential in the event of a favourable market where more facilities are built.
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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