DOF Group (Buy, TP: NOK85.00) - Set for continued growth
We have turned increasingly positive on the subsea market outlook for DOF, backed by recent contracts for it and peers. Our 2025e EBITDA is 5% above consensus and we believe net debt/EBITDA of 1.2x at end-2025e should make the next refinancing smooth sailing and leave it well placed to pay dividends. We have updated our valuation of the PLSVs, as we expect their contracts with Petrobras to be extended at solid rates, giving long-term visibility. We reiterate our BUY and have raised our target price to NOK85 (70).
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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