BW Offshore (Buy, TP: NOK58.00) - Favourable risk/reward
We have upgraded the stock to BUY (HOLD), owing to: 1) the sustained high oil price environment, which makes us more comfortable assigning value to its options; and 2) the potential for positive near-term newsflow to unlock more value from Dussafu. We have raised our target price to NOK58 (NOK40) based on our SOTP, and we see further potential upside associated with Dussafu or new contracts. We are in line with Q2 consensus (due before the market opens on 31 August).
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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