Elkem (Buy, TP: NOK30.00) - Upstream pricing at 2009 levels
Our QOQ improvement in Q3e from Silicones has been offset by upstream pricing dropping to 2009 levels. This is clearly not sustainable longer-term in our view, and we have cut our 2019e EBITDA by 12% to reflect this. Also, we have cut our 2020e EBITDA by 5%, but we stick to our BUY with a new NOK30 (32) target price as Elkem is trading at a deep discount to our SOTP.
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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