DOF Group (Buy, TP: NOK85.00) - Supportive 2024 outlook
DOF’s strong performance continued in Q4, with EBITDA 7% above consensus. The 2024 guidance is supportive of continued deleveraging and provides a line of sight to a refinanced capital structure that we believe should enable the company to pay dividends. Our EBITDA estimates are broadly unchanged; our 2024e EBITDA of USD504m is in the upper half of the USD470m–520m guidance, supported by management comments at the earnings call. The stock is trading at a 2025e EV/EBITDA of 3.2x. We reiterate our BUY and NOK85 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.
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