DOF Group (Buy, TP: NOK135.00) - Set for an eventful 2025e
In the maiden quarter including DOF Denmark, we expect a slow start due to mob/demob activity and a soft AHTS spot market. We forecast Q4 EBITDA of USD155m, below consensus of USD165m, while our estimate excluding Denmark is in line with guidance. We have cut our 2025–2026e EBITDA by 7% due to a weaker H1/25 for DOF Denmark and a more conservative view of contract gaps in Brazil. We believe the valuation remains attractive (14% DPS yield), and possible catalysts ahead are debt refinancing, dividend payments, and potential contract extensions to 2030 in Brazil. We reiterate our BUY, but have reduced our target price to NOK135 (140).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.