Bonheur (Buy, TP: NOK305.00) - Strong rebound in Cruise
We view the Q3 results as decent, with EBITDA 3% below consensus on higher maintenance costs and high-price contributions for its windfarms in the UK. The Cruise segment was the key positive from an operational perspective, suggesting that it is less affected by the weak UK economy than we expected. We reiterate our BUY and NOK305 target price, based on the company’s existing business, and see the stock trading an attractive 39% discount to our 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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