Hunter Group (Hold, TP: NOK2.30) - Three down, one to go
Hunter Group reported Q2 adj. EBITDA 41% below consensus. The limited share-price reaction illustrates that any near-term noise should be overlooked in favour of expected distributions following the delivery of Hunter Freya in Q3, which is set to occur “shortly”. Management stated the remaining intrinsic value will be paid out soon after the vessel’s delivery. We reiterate our HOLD but have cut our target price to NOK2.3 (3.7) after the shares went ex-dividend on 24 August.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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