BW Energy (Buy, TP: NOK20.00) - Attractive valuation with downside support
BW Energy is set to grow production by 56% in 2020, but has not been shielded from lower oil prices. Still, with growth projects delayed, we see support from lower cash flow break-even in 2021. With an attractive P/NAV in our view, and a USD30/bbl implied long-term oil price, we initiate coverage with a BUY and NOK20 target price.
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.