Archer (Hold, TP: NOK8.00) - Nothing to get excited about
Q2 EBITDA was 41% below our forecast and consensus. Despite weak results YTD, management remains optimistic about improved results in H2, already reflected in our estimates. In our view, long-term (2019) consensus is too high and we expect it to come down. Our SOTP of NOK8.5/share is based on a significant earnings improvement, assuming improved market conditions and solid execution. Hence, we believe a recovery is already discounted in the share price; we maintain our HOLD but have cut our target price to NOK8 (9).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.