Edda Wind (Buy, TP: NOK40.00) - Waiting for newbuilds
We forecast Q4 EBITDA of EUR1.4m (no consensus), in line with Q3. With most of its fleet still under construction, we believe focus will be on progress of its newbuilds and market outlook. We have lowered our 2023e EBITDA by 20% to reflect later start-up of its first newbuilds following gangway delivery delays in December. The longer-term story is intact in our view, supported by solid market fundamentals. We find the stock attractively valued at an implied EV per vessel of EUR43m (25% below our fair value) and 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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