Lundin Energy (Hold, TP: SEK235.00) - Conservative production guidance
Ahead of the Q2 results due at 7:30 CET on 29 July, we forecast EBITDA of USD333m versus consensus of USD318m, reflecting slightly higher sold volumes. We see potential for a slightly more upbeat production outlook, but at a 30% NAV premium, we maintain our HOLD, while we have lowered our target price to SEK235 (245) due to FX.
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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