Fjord1 (Hold, TP: NOK35.00) - Havila Holding AS reverse bid at NOK45/share
A subsidiary of Havila Holding AS has made a reverse bid for 15m Fjord 1 shares at NOK45/share. From a near-term share price perspective, we believe the bid is a positive for Fjord 1; however, longer-term we are concerned that the strategy would dilute what has been the key attraction in Fjord 1, and increase funding risk.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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