Lundin Petroleum (Buy, TP: SEK215.00) - Dividends introduced
Q4 EBITDAX was USD430m, 6% below consensus and 6% above our forecast, while operating profit was 7% above consensus and 16% above our forecast. Lundin proposed an inaugural DPS of SEK4.0 for 2017 and sees 2018 dividends of at least USD350m (implying a DPS of SEK1.03, or 4.1% dividend yield). We expected a 2018 DPS of USD0.8, while Bloomberg consensus is USD0.23. There was no change to the 2018 guidance given in January. We expect a positive share price reaction of 1–3%, in a neutral market. The conference call starts at 09:00 CEST (www.lundin-petroleum.com)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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