BW Energy (Buy, TP: NOK20.00) - Slightly above consensus for Q2e
We have updated our estimates (Q2 results due at 07:30 CEST on 26 August) to reflect the timing of lifting in Q2. We forecast Q2 EBITDA of USD21.4m, 11% above consensus of USD19.4m. We reiterate our BUY recommendation and NOK20 target price, reflecting a 35% NAV discount.
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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