Bonheur (Buy, TP: NOK275.00) - Solid underlying operations
Bonheur’s strong Q2 was helped by one-off cancellation fees, but also saw solid underlying results. The Cruise segment reported another strong quarter, with occupancy on a par with pre-covid levels. Based on the timing of the cancellation fees and the strong rebound in cruise, we have raised our 2024e EBITDA by 20%, partly offset by a 16% lowered 2025e EBITDA. We reiterate our BUY and NOK275 target price.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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