BlueNord (Buy, TP: NOK615.00) - Look past the near-term noise
BlueNord reported Q1 EBITDA of USD88m, in line with our USD86m estimate and Bloomberg consensus of USD85m. Technical issues means the ramp-up to the Tyra plateau is now prolonged to mid-Q4, triggering the company to cut its 2024 production guidance from >40kboed to c35kboed. Being conservative, we have cut our 2024 production estimate by 18%, to ~32kboed. However, we emphasise that this has no effect on our estimates beyond 2024, and that in our view this is purely a timing issue. We reiterate our BUY but have cut our target price to NOK615 (630).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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