Hunter Group (Hold, TP: NOK3.00) - Minor revisions ahead of Q2
Ahead of the Q2 report, we have made minor estimate revisions that in turn led to a 3% cut in our 2021e EBITDA on the prolonged market weakness. In our view, the crude tanker market trough is behind us, but we expect the adverse market conditions to remain for some time as volumes gradually return. Should scrapping pick up towards year-end, we see upside potential for our crude tanker peer group given current valuations and continued support for asset values from the commodities upcycle. We reiterate our HOLD but have trimmed our target price to NOK3.0 (3.2).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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