BW Energy (Buy, TP: NOK26.00) - Multiple upcoming potential triggers
Based on likely upcoming lower-risk exploration opportunities, we have raised our target price to NOK26 (20), representing an unchanged 35% NAV discount. The Ruche development re-start is now scheduled for late 2020 after being paused in March. BW Energy remains our preferred small-cap E&P. We reiterate our BUY.
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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