Fjord1 (Buy, TP: NOK52.00) - Solid pipeline going into 2019
We expect Fjord1 to report a Q4 on par with last year (results due at 08:00 CET on 21 February) despite its cautious guidance post Q3 where it guided for FY 2018 EBITDA in line with 2017. Further, we are optimistic going into 2019 as we believe Fjord1 is well positioned to win ~NOK6bn-worth of tenders over the next 12–18 months. We continue to find the valuation attractive at a c9x 2020e P/E. Thus, we reiterate our BUY and NOK52 target price.Fjord1 is engaged in the business of passenger boats and ferries in Norway. Co.'s core activities focus on sea transport in the form of ferry and express-boat operations, as well as catering services. Co.'s activities also include travel agencies, as well as financial investments and property management. Co. is engaged in tourism activity in the West Norwegian fjords through its ownership of The Fjords DA.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.