BlueNord (Buy, TP: NOK610.00) - Catalysts should be lined up ahead
The underlying Q3 results were virtually in line with our estimates and consensus. We see several potential share price catalysts over the next months, with the Tyra restart set for the second half of November and a sequential ramp-up to plateau in December. Moreover, we expect to gain more understanding of the volume potential from the recent successful HEMJ exploration well, which could help to extend the production plateau for BlueNord. We reiterate our BUY and have raised our target price to NOK610 (580), reflecting the upside potential associated with the HEMJ well in our NAV.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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