Lundin Energy (Hold, TP: SEK275.00) - Neutral Q2, with solid production
Lundin Energy reported Q2 EBITDAX of USD1,060m, 1% below our estimate and 2% above consensus. The small miss versus our estimate was due to lower realised prices and an unfavourable sales mix, while the beat versus consensus was due to higher production of 190kboed (we forecast 189kboed, consensus was 187kboed). With all guidance reiterated, we expect limited consensus revisions, and consider the report as neutral.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.
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