Norsk Hydro (Buy, TP: NOK58.00) - Alunorte uncertainty reduced post Q2
Norsk Hydro Q2 EBIT came in broadly in line with our estimate, providing some support to earnings estimates as the curtailment in Brazil cost is clearer. We have made limited estimate changes for 2019–2020 and still pencil in a restart in Alunorte in Q4 2018e as negotiations look to be progressing (no indication of timing was given). We reiterate our BUY recommendation and NOK58 target.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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