Edda Wind (Buy, TP: NOK30.00) - Fleet growth on horizon
We are largely in line with consensus ahead of the Q3 results. Having acted to address operating and financial challenges faced in recent years, we believe Edda Wind is now well placed for earnings growth, with two newbuild start-ups in Q3 and another six due to be delivered in the coming quarters. In October, it secured backlog for its near-term open capacity. In our view, securing backlog for its remaining 2025 deliveries and demonstrating a stable underlying performance will be key to narrowing the discount to NAV (0.6x P/NAV). We reiterate our BUY and NOK30 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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