DNO (Buy, TP: NOK22.00) - The next chapter
We forecast Q1 EBITDA of USD153m, 8% below consensus (results and CMD on 8 May). We expect focus at the CMD to be on the NCS and a potential update on the Baeshiqa exploration wells in Kurdistan. Having included Faroe Petroleum and higher oil price forecasts in our estimates, we have raised our target price to NOK22 (20), while we reiterate our BUY.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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