Norsk Hydro (Buy, TP: NOK54.00) - 50% production to be resumed
Following the announcement from Brazil that Alunorte has been granted authorisation to use the press filter in DRS1, Norsk Hydro now states that 50% production will be resumed within two weeks. We now assumed a full restart of Alunorte in Q2 2019. We have cut our 2019e EBIT by 13% and our target price to NOK54 (58), but we reiterate our BUY recommendation. The Q3 results are due at 07:00 CET on 24 October.Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.
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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