Bonheur (Buy, TP: NOK310.00) - Progressing well
With the Q4 earnings miss due to lower power production than expected on downtime and curtailments largely outside the company’s control, we believe the main takeaways were solid underlying developments, with: 1) Fred. Olsen Windcarrier (FOWIC) firming up a contract at accretive economics increasing its backlog by 56% QOQ; 2) another onshore wind farm reaching an FID; and 3) a sharpened capital allocation strategy. We reiterate our BUY and NOK310 target price, with the stock looking attractively valued to us a P/NAV of 0.63x.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.