DnB Markets - Borr Drilling (A2JAU0) ... Northern Lights

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DnB Markets

Alexander Aukner ...

Jon Masdal
Marius Knudssøn
Martin Huseby Karlsen
Ole-Andreas Krohn

EUR 94.81 For Business Accounts Only

Northern Lights

26/11/2019 13 EN

Underlyings

Borr Drilling

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BMG1466R1088 Bermuda

Scottish Salmon Co. Ltd.

Scottish Salmon Company is engaged in the production and sale of Scottish salmon along with complementary investments in other Scottish seafood products. Co. conducts all its salmon farming, processing, and sales and marketing activities through its subsidiary, The Scottish Salmon Company Limited.

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JE00B61ZHN74 Jersey

Provider

DnB Markets

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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Analysts

Alexander Aukner

Jon Masdal

Marius Knudssøn

Martin Huseby Karlsen

Ole-Andreas Krohn

Other Reports on these Companies

DnB Markets

Petrobras UDW rig selection

For the Petrobras tender for high-specification UDW rigs, updates suggest that it has made a rig selection. The tender was split into two categories (with and without MPD) and called for a duration of three years with start-up in September 2022. As previously reported, Seadrill had presented the lowest bid in the MPD category, and updates now suggest that two Seadrill UDW 7G drillships, West Tellus and West Carina, have been selected. The rigs were offered at dayrates of USD230k and USD245k, respectively, and we expect awards to be made at, or around, those levels.

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September 23, 2021 September 23, 2021 3 EN

DnB Markets

Borr Drilling (No_rec, TP: NOK) - Treading a thin (liquidity) line

While we subscribe to the view of a (slightly) improving jackup market, management expectations of putting all delivered rigs (23) to work in 2022 look optimistic to us. Regardless of how many rigs it puts to work, we consider the near-term liquidity situation pressing, and the Q2 results provided no relief. Hence, on our view of a need for a capital injection late-2021/early-2022, high debt level and a valuation well above peers, we still see a risk the current equity eventually will be marginalised. We have no recommendation or target price on Borr Drilling.

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September 1, 2021 September 1, 2021 12 EN

DnB Markets

Back to normal with Petrobras

In the three Petrobras tenders for low-spec UDW rigs that had bids due late last week, things were ‘back to normal’ compared to the solid dayrates in its recent tender for high-spec UDW rigs. Now, local (and Indian) contractors emerged as the low bidders and dayrates offered were mostly in the high USD100k/low USD200k, representing an expected downtick from the recent high-spec tender. Given the low technical specification on these tenders, interest was low from international contractors with only Valaris offering one rig and a third-party offering a Noble drillship. Looking ahead, we expect P...

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August 9, 2021 August 9, 2021 3 EN

Electrolux Professional (Hold, TP: SEK75.00) - Q4 looks set to be a repeat of Q3

We expect broadly similar market and divisional dynamics QOQ in Q4, but are less optimistic on growth in the US Food & Beverage segment (we now see the recovery materialising slightly later than initially envisaged). We forecast 6.0% growth YOY in group sales in Q4 and an adj. EBITA margin of 12.3%. We reiterate our HOLD, but have lowered our target price to SEK75 (79) based on our view of a delayed US Food & Beverage recovery as well as continued headwinds in the Middle East into 2025.

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5h / 35m 5h / 35m 1 EN

Ebba Bjorklid

Ebba Bjorklid

Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high

In Q4, we forecast similar demand and market dynamics to Q3, with consumer downtrading, elevated promotional activity, a negative mix, price pressure, and weak consumer demand weighing on sales and EBIT. We expect a sales decline of 1.6% YOY (organic growth of 2.6%) and an adj. EBIT margin of 3.2%. We reiterate our HOLD, but have cut our target price to SEK92 (94).

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6h / 34m 6h / 34m 1 EN

Rune Majlund Dahl

Rune Majlund Dahl

Novo Nordisk (Buy, TP: DKK1040.00) - Disappointing CagriSema data

In REDEFINE-1, CagriSema reached a 22.7% product estimand weight loss, shy of expectations. We expect a launch in 2026, but have lowered our estimate of its sales potential. In our view, the flexible protocol affected efficacy, prompting Novo Nordisk to initiate a new phase III trial in 2025. We reiterate our BUY, but have cut our target price to DKK1,040 (1,150).

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December 20, 2024 December 20, 2024 1 EN

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Northern Lights

Petrobras UDW rig selection

Borr Drilling (No_rec, TP: NOK) - Treading a thin (liquidity) line

Back to normal with Petrobras

Electrolux Professional (Hold, TP: SEK75.00) - Q4 looks set to be a repeat of Q3

Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high

Novo Nordisk (Buy, TP: DKK1040.00) - Disappointing CagriSema data

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