Edda Wind (Buy, TP: NOK30.00) - Approaching cash flow growth
Edda Wind has put in place solutions to overcome the operational setbacks witnessed over the past few quarters and years. Coupled with the recent equity raise, the company now looks set for cash flow growth as the first newbuilds are already in operation and most of the remaining newbuilds are set to be delivered this year and into H1 2025. It has significant open capacity for 2025–2026e and is well positioned to benefit from an improving market. Applying a 10% discount to our NAV and factoring in dilution from the recent equity raise, we have cut our target price to NOK30 (35) but reiterate our BUY.
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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