Report
Jørgen Lian
EUR 87.55 For Business Accounts Only

Hunter Group (Hold, TP: NOK1.87) - Cashing in the NAV

Hunter Group proposed a new NOK0.04/share dividend prior to market open today, adding to the previously announced NOK1.8/share DPS, which in sum (NOK1.84/share) remains slightly below our NAV estimate of NOK1.87/share, including updated cash-flow estimates and FX. The company gave no mention of future projects, so the investment case still hinges on the remaining intrinsic value. We reiterate our HOLD, but have cut our target price to NOK1.87 (2.25).
Underlying
Hunter Group ASA

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jørgen Lian

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