DNO (Hold, TP: NOK6.00) - Underlying neutral Q2 report
DNO reported Q2 EBITDA of USD13m, above our USD7m (helped by lower exploration expenses), but below consensus of USD20m. However, we believe the lion’s share of the miss was due to underlift in the North Sea, which is more of a timing effect. DNO has resumed drilling activity in Kurdistan, suggesting upside to 2020 production levels, but with higher costs and this being low-margin barrels, we see a minor EPS impact.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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