Bonheur (Buy, TP: NOK300.00) - Slightly below consensus for Q3e
We forecast Q3 EBITDA of NOK740m, 5% below Bloomberg consensus on lower contributions from Renewable Energy and Wind Service, with lower wind speeds than normal and some idle vessel capacity towards the end of the quarter. We reiterate our BUY, but have raised our target price to NOK300 (275) after adding two new onshore wind projects to our NAV and increasing the contribution from FOWIC slightly.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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