Maersk Drilling (Buy, TP: DKK600.00) - Dividends in sight
Ahead of the 2019 results (due on 5 February), we estimate H2 EBITDA of USD186m, largely in line with consensus. We expect the focus to be on the 2020 guidance and comments on the capital structure. We are just above consensus on 2020e EBITDA (USD465m versus USD448m) and expect the guidance to be cUSD450m. With one of the best balance sheets in the industry, we believe Maersk Drilling should start returning cash to shareholders and would consider any such comments positive. We reiterate our BUY and DKK600 target price.
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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