Edda Wind (Buy, TP: NOK40.00) - NAV supports attractive valuation
Q2 EBITDA was in line with our estimate. The newbuild deliveries are delayed due to gangway supply issues, but we maintain our favourable long-term view on the C/SOV sector. We have incorporated higher replacement costs in our current NAV calculation, which has increased our NAV/share by NOK5, to NOK45. On this basis, the shares are trading at an attractive P/NAV of 0.5x. We reiterate our BUY and NOK40 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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