Norsk Hydro (Buy, TP: NOK54.00) - Non-eventful Q3
Norsk Hydro’s dialogue with Brazilian authorities is constructive but the company did not provide any news on the timing of a restart. This, along with in-line numbers, leads us to view Q3 as fairly non-eventful. We have made limited estimate changes post Q3 and find support in the company’s attractive valuation, announced curtailments, and still-forecast large deficits in the global aluminium market. We reiterate our BUY recommendation and NOK54 target price.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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