Equinor (Buy, TP: NOK370.00) - Q1e another ‘net cash build’ quarter
Q1e another ‘net cash build’ quarter We are in line with Bloomberg consensus ahead of the Q1 results (due around 07:00 CET on 4 May), estimating adj. EBIT of USD11.2bn and FCF of USD4.6bn. This implies that, despite gas prices being ~35% lower QOQ, Equinor should keep building its net cash position to USD18.3bn in Q1e, up from USD17.0bn at end-2022. We reiterate our BUY and NOK370 target price, emphasising the significant shareholder distribution potential that is likely to stretch well beyond 2023e.Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
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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