BW Offshore (Buy, TP: NOK66.00) - Cash flow plus Dussafu for free
Q3 numbers were in line with our expectations and consensus, and BWO gave positive updates on the Dussafu development supporting our estimates and more potential upside to our SOTP. From the FPSOs alone we forecast an average FCF to EV yield of ~20% for the next four years and see no value assigned to Dussafu at the current share price. BUY and NOK66 target price reiterated.
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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