Lundin Petroleum (Buy, TP: SEK215.00) - 2018 guidance overall neutral
Lundin Petroleum has released 2018 guidance including 2018 production of 74–82kboed, compared to consensus of 83.5kboed and our 78.1bkoed forecast. 2018 capex guidance is USD800m, compared to consensus of USD973m and our estimate of USD948m. Guidance for 2018 exploration expenditures is USD250m, compared to our estimate of USD240m (no consensus). We expect consensus 2018 EPS to come down 6–8% on the back of the lower than expected production guidance. However, we expect a neutral share price reaction as the soft production guidance is neutralised by lower than expected capex.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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