Fjord1 (Hold, TP: NOK35.00) - Ferry EBITDA margin disappoints
We consider this a weak report for Fjord1, with the Q4 results below estimates, driven by a weaker than expected Ferry margin and start-up costs in its tourism business, only partly offset by IFRS16 effects in its passenger boat segment. We expect consensus 2020e EBITDA to come down by 5%, and believe a negative share price reaction is warranted.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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