BW Energy (Buy, TP: NOK20.00) - Q1 with no surprises
Q1 EBITDA was USD14.8m, slightly above our forecast of USD13.2m. Compared to our estimates, the company has reduced planned lifting for the remainder of 2020 by one lifting, which should push sold volumes into 2021, where we forecast rising oil prices, while production is maintained. We consider this a neutral report and expect the shares to trade in line with peers.
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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