Lundin Petroleum (Sell, TP: SEK228.00) - Unexplainably expensive
We reiterate our SELL recommendation and SEK228 target price after the Q2 results. We believe Lundin shares are extremely expensive at current levels, but our sell case lacks negative triggers. We believe today’s +5% share price reaction was unwarranted, as the Q2 results were largely in line with consensus, and consensus had already factored in the upward revision of production guidance. Our 2019/2020e EPS have been increased 1% post Q2.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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