BW Offshore (Buy, TP: NOK40.00) - Still upside potential
In our opinion, BWO’s risk profile has improved since the Catcher start-up. We forecast significant cash flow and deleveraging, and see room for dividends from 2020 assuming 2018–2019 refinancing, which would add support to our SOTP valuation. Following a change of analyst we have upgraded the stock to BUY (HOLD) with a new target price of NOK40 (NOK22).
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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