BW Offshore (No_rec, TP: NOK) - Waiting for updates
We are slightly below consensus Q2e EBITDA. We expect updates on its FPSOs rolling of contracts in the near-term and potentially the Hibiscus updip appraisal well in Gabon. We forecast an average FCF to EV yield above 20% for the next few years from the FPSOs alone, and our DCF-based SOTP of the FPSO fleet is NOK50/share. As DNB Markets has been retained as financial advisor by BW Energy, we have NO REC or target price on BW Offshore.
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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