Hunter Group (Buy, TP: NOK3.10) - Still trading at a discount
Ahead of the Q4 results, we have updated our estimates on near-term headwinds and Hunter’s DPS of NOK1 following the divestment of two vessels. We believe the pace of scrapping is set to pick up, and thus see a healthier crude tanker balance once the tide turns. We reiterate our BUY, but have cut our target price to NOK3.1, given the DPS of NOK1.Hunter Group is developing the Badger Explorer, a revolutionary technology for exploration and verification of hydrocarbon prospects, without the risks, cost and complexity of drilling an exploration well with a rig. The Badger Explorer tool acquires exploration data as it drills, and once installed at its target depth, can continue to monitor subsurface parameters to enhance development and production activities.
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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