DNO (Buy, TP: NOK20.00) - Powering ahead with positive news
We have upgraded DNO from HOLD to BUY following positive news flow and raised our NAV-based target price to NOK20 (19.6) after a change of analyst. We believe positive operational developments at Peshkabir such as strong production and deeper oil/water contact merit significant increases to reserve estimates supportive of our NOK20/share NAV; and with the highest discount to its NAV since early 2018, we see 29% upside potential from the current share price.DNO is a Norwegian exploration and production company focused on the Middle East and North Africa. Co. holds stakes in oil and gas blocks in various stages of exploration, development and production, both onshore and offshore, in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
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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