BlueNord (Buy, TP: NOK610.00) - Focusing on Tyra
We are 8% below consensus Q2e EBITDA, mainly due to higher costs – but expect focus to primarily be on the Tyra timeline, with gas exports restart scheduled for July. Following the recently closed USD1.4bn RBL and USD300m bond issue, BlueNord has completed its capital structure reset, with Tyra producing regularly now the main issue holding back shareholder distributions. We estimate BlueNord is set to have liquidity of cUSD700m while distributing ~50% of its market cap by end-2026. We reiterate our BUY but have trimmed our target price to NOK610 (615) on higher operating costs.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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