DNO (Buy, TP: NOK21.00) - Solid operations expected
We expect Q3 EBITDA of USD130m (consensus: USD124m). We have raised our target price to NOK21 (20) after we lifted our oil price forecast for 2019. Currently DNO is trading at the highest NAV discount in 2018, at a P/NAV of 0.78x. We reiterate our BUY recommendation as we expect positive news flow on operations and reserves, as well as exciting potential exploration triggers in the coming months.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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