D/S Norden (Buy, TP: DKK145.00) - Set to harvest from Dry Operator
D/S Norden has announced it will release its Q4 results before 09:00 CET on 6 March, and we are above consensus expectations for the quarter as the company has increased guidance and we believe the Operator business is set to gain from increased margins in the improving market of Q4. We forecast adjusted net profit of USD24m, which is at the lower end of guidance, but far ahead of consensus of USD7m (with large variations in the numbers). We have cut our target price to DKK145 (DKK158) and reiterate our BUY 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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