Hunter Group Minor model adjustments
We have updated our estimates following the Q4 results. We do not consider these changes to be material, and have not changed our BUY recommendation or NOK5.30 target price. In our sector report (dated 7 February 2020), we lowered our rate estimates and our one-year forward asset value forecasts, implying a one-year forward VLCC resale value of USD99m (versus the current USD103m and USD106m at the time the report was published). Subsequent to the Q4 results, we have updated our model to reflect the company’s remaining yard obligations and the new USD220m credit facility, but have left our EBITDA for 2020–2022e unchangedHunter 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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