DOF Group (No_rec, TP: NOK) - Acquiring Maersk Supply Service
DOF has entered into an agreement to acquire Maersk Supply Service (MSS) for cash and shares. The transaction would add 13 AHTS vessels, eight CSVs and one cable layer, making DOF the largest owner of CSVs and large AHTS vessels. According to DOF’s investor presentation, the transaction EV is cUSD1bn, implying a 0.79x EV/GAV (DOF pre-transaction 1.06x), based on broker values, and a 2.7x–3.2x EV/MtM EBITDA excluding the 11 smaller vessels (DOF pre-transaction 4.8x on 2026e). Due to DNB Markets’ role in the private placement and subsequent offering, we have withdrawn our estimates, target price and recommendation.
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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