Norske Skog (Buy, TP: NOK53.00) - Piling up cash
Norske Skog reported a stable underlying QOQ trend in Q4, proposed a DPS of NOK6.25 for 2019, and announced the sale of Tasmanian forest assets valued at NOK388m. With over NOK1bn in cash from recent asset disposals to be received in H1, the company is set to deleverage significantly, and we expect it to achieve a net cash position by Q2, despite the sizeable dividend payment. We have made only minor estimate changes and reiterate our BUY with an unchanged target price of NOK53.
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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