Equinor (Buy, TP: NOK234.00) - The FCF story continues
We expect Q2 to be another strong FCF quarter for Equinor, where we estimate organic FCF of NOK3.65/share. We are 10% above Bloomberg consensus for Q2e EBIT, and we see strong growth of 4% YOY for equity production, driven by Equinor’s gas production growth. We have increased our target price to NOK234 (219) on the back of our raised estimates, and reiterate our BUY recommendation. The Q2 results are due at 07:00 CET on 26 July.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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