Bonheur (Buy, TP: NOK275.00) - Q1e hit by lower power prices
We expect Q1 to be hurt by lower power prices and an idle turbine installation vessel, and forecast Q1 EBITDA of NOK817m, well below consensus. With no ongoing construction activity, we expect focus to be on how to get the consented onshore capacity into operation, and contracting activity in FOWIC. We reiterate our BUY but have cut our target price to NOK275 (290) on lower long-term power price expectations reducing our NAV and a slightly higher discount to NAV.Bonheur is a company domiciled in Norway. Co. has investments in several business activities, based upon its long term commitment to shipping, offshore drilling, floating production and renewable energy as well as to the travel and leisure time sector. Co. is primarily involved in Energy services, Renewable energy and Shipping. Investments are normally made in cooperation with the listed subsidiary Ganger Rolf ASA. Co.'s main investments include the following business segments: offshore drilling, floating production, renewable energy, cruise, other shipping, and other investments.
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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