Fjord1 (Hold, TP: NOK40.00) - Mixed report
We consider this a mixed report, including underlying results slightly above expectations, but net profit below (primarily due to heavy losses in Widerø). The company reiterated its 2020 revenue guidance, but said that due to delayed payments on infrastructure it had reached amendment to its bank facility and would start a dialogue with bondholders. We expect 2–3% positive revisions to consensus EBITDA, and believe a neutral 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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