Equinor (Buy, TP: NOK266.00) - Focus points for Q3 results
We are 2% above consensus on adj. EBIT for the Q3 results due at 07:00 CET on 25 October. We believe that risk for 2018 production guidance of 1-2% is to the upside, suggesting comfort in the 2017-2020 guidance of 3–4% CAGR. While our base case is for buybacks to be introduced at the CMD in February, they could be announced with the Q3 results, given the outlook for strong cash generation. We have a BUY recommendation and NOK266 target price.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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