BlueNord (Buy, TP: NOK660.00) - All eyes set to be on Tyra
We forecast Q4 EBITDA of USD94m, 13% below Bloomberg consensus of USD108m. With preliminary production figures of 24.9kboed for Q4 and the full year already released, we believe focus will be on updated Tyra production guidance. We expect the scheduled restart of Tyra at end-March to facilitate broader debt refinancing; we believe BlueNord’s dividend capacity could be meaningfully increased if debt was refinanced at more favourable terms (e.g. we estimate it could bolster the average cash flow yield available for equity holders from ~5% to ~25% in 2024–2026). We reiterate our BUY and NOK660 target price.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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