Fjord1 (Hold, TP: NOK35.00) - Estimates cut on weak guidance
The Q3 report was mixed, including results slightly above consensus and soft guidance for 2020, reflecting uncertainty on the timing and cost of vessel deliveries due to the challenging financial situation at Havyard. On the positive side Fjord1 has secured financing for all vessel deliveries up until Q1 2020. We reiterate our HOLD, but have lowered our target price to NOK35 (40) to reflect estimate cuts.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.
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