Archer (Buy, TP: NOK9.00) - Time to revisit
After being neutral or negative on Archer since 2011, we now think it is time to revisit it, as its capital-light offshore businesses should start to benefit from higher oil prices. We view concern about its Argentina earnings as overdone as its revenues and costs are in local currency. A 2019/20 required refinancing is still an uncertainty, but if Archer can post improved results, as we forecast, we believe debt extension is possible. After recent share price weakness, we have upgraded to BUY (HOLD) with a NOK9 (NOK7) target price.
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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