DOF Group (Buy, TP: NOK70.00) - More to go
We forecast Q3 EBITDA of NOK1.19bn, just below consensus of NOK1.22bn, and are in line on 2023 EBITDA, which we expect to reach the high end of the guided range. We expect cash flow to improve QOQ following working capital headwinds in Q2, a key focus among investors. DOF’s recent contract wins offer solid visibility into next year with 76% of our 2024e revenues covered by backlog. The stock is trading at a 2024e EV/EBITDA of 4.1x, below asset-heavy peers’ 6.1x. We reiterate our BUY and NOK70 target price.
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.