BW Offshore (Buy, TP: NOK66.00) - Fundamentals still positive
Ahead of the Q3 report (due 20 November) we are in line with consensus, expecting an EBITDA of USD124m. Despite the recent oil price volatility, we still favour the BW Offshore equity story. With an average free cash flow to EV yield of 19% over the next four years and the potential for positive updates on the Dussafu licence given the successful appraisal well at Ruche NE, we reiterate our BUY and SOTP-based NOK66 target price.
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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