Bonheur (Buy, TP: NOK310.00) - Below consensus for Q4e
We expect Q4 to be affected by slightly lower wind speeds than normal and two FOWIC vessels at yard. Our Q4e EBITDA is NOK831m, 8% below Bloomberg consensus (due to a lower contribution from Wind Services). With some idle capacity on the FOWIC vessels in 2026–2027, we expect focus to be on future contracting opportunities. We reiterate our BUY and NOK310 target price, and believe the stock is trading attractively at a P/NAV of 0.7x.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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