Norsk Hydro (Buy, TP: NOK58.00) - Alunorte in focus
We reiterate our BUY and NOK58 target price ahead of Q2 (due at 07:00 CET on 24 July) but have cut our 2018e EBITDA by 9% (limited changes for 2019–2020e) as we now pencil a restart in Alunorte in Q4 (previously Q3). We remain upbeat on aluminium fundamentals from strong demand growth, Chinese capacity controls, and stock drawdowns but an escalation of a trade tensions remains a risk to demand in our view.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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