Lundin Energy (Buy, TP: SEK255.00) - Strong production delivers again
Lundin Energy has delivered on solid DPS for 2021e, Q4 2020 production, and the 2021 production guidance, partly offset by higher investments. However, a dry Bask exploration well was another disappointment in the Barents Sea, resulting in only one discovery out of six wells drilled in 2020, which is worrisome. Still trading at a P/E of 9x, we reiterate our BUY and have raised our target price to SEK255 (245) on higher estimates.Lundin Petroleum is an oil and gas company. Co. has a global portfolio of assets with two main areas located in Norway and South East Asia. As of Dec 31 2014, Co. held close to 70 licences in Norway, with activities across exploration, appraisal, development and production. Co. also operated within several geographical areas, including France, Netherlands, Malaysia, Indonesia, Russia, Sweden and other countries.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.