Hunter Group (Buy, TP: NOK4.10) - De-risking an uncertain outlook
After adding significant contract coverage, Hunter Group has now booked 80% of H2 available days at USD56k/day, while the sale of Hunter Saga and Hunter Laga for an en-bloc price of USD168.4m crystallises shareholder value. Consequently, we reiterate our BUY, but have lowered our target price to NOK4.1 (4.5), supported by the recent sale price one-year forward and potential for value realisation.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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