Peshkabir could be the next big thing
DNO is set to report Q2 results on 24 August, and we are roughly in line with consensus. Key to the investment case is for management to unlock the value in the KRG receivables, and to continue to prove up the Peshkabir volumes with a solid development plan. We maintain our BUY recommendation but have cut our target price to NOK11.3 (12.0) having cut our Brent oil price forecasts to USD54/bbl (57) for 2017, USD61/bbl (70) for 2018, and USD68/bbl (70) for 2019. We estimate USD80/bbl for 2020 and USD50–70/bbl (real) for the long term.
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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