BW Offshore (Hold, TP: NOK40.00) - Range-bound
As the shares have reached our target price, we have downgraded to HOLD (BUY). While we view the risk as being skewed to the upside, we expect the shares to be range-bound near-term as all expected catalysts are discounted in our unchanged NOK40 target price. While there could be upside potential from Dussafu and future contracts, we await evidence of successful project execution before assigning greater value in our SOTP and consider the near-term risk/reward less attractive.
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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