BlueNord (Buy, TP: NOK585.00) - Dividends and re-rating prospects
Recent Tyra setbacks have narrowed BlueNord’s shareholder distribution window, and we believe the first dividends will likely not be distributed before H1 2025. Still, we factor NOK280 in 2025–2026e DPS. Assuming a debt refinancing to extend distribution flexibility, we calculate a NOK379 fair value on a 15% run-rate yield from 2027, leaving the total return potential at c45% on the current share price. We reiterate our BUY but have cut our target price to NOK585 (610).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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