BlueNord (Buy, TP: NOK580.00) - Dividends likely pushed to 2025
With preliminary production figures showing net production of 26.1kboed in Q3, we estimate EBITDA of USD89m, 9% below Bloomberg consensus of USD97m. We forecast a realised liquids price of USD76/bbl and a gas price of USD68/boe (no reliable consensus). Given the updated ramp-up timeline for Tyra, with maximum technical capacity expected by year end, we expect the first dividend distribution to be pushed to H1 2025. Still, we forecast a 2025–2026e DPS of NOK280 (~65% of current market cap). We reiterate our BUY but have cut our target price to NOK580 (585).Noreco Energy Company is a Norwegian exploration and production company engaged in the exploitation, development, and acquisition of oil and gas fields. Co.'s activities are located in Norway, Denmark and the U.K.
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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