BW Offshore (Buy, TP: NOK40.00) - A buying opportunity
Q4 EBITDA was only 3% below our estimate and consensus, but this was more than offset by higher operating cash flow and lower capex. Risk related to Catcher again looks to be in the rear-view mirror, providing some upside potential to our SOTP. While we are still awaiting an extension of Abo and execution in Gabon, we continue to see room for dividends from 2020 and find yesterday’s underperformance unwarranted. BUY and NOK40 target price maintained.
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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