BlueNord (Buy, TP: NOK660.00) - Dividends set to unfold
Q4 EBITDA was USD95m, in line with our USD94m but 9% below Bloomberg consensus of USD105m. With the Tyra restart scheduled for late-March, set to double production to ~50kboed, BlueNord plans to reset its capital structure by refinancing its reserve-based lending (RBL) facility and repay its BNOR14 bond, ultimately reducing near-term debt amortisations and eliminating dividend restrictions. It is set to return 60–75% of the current market cap to shareholders by 2026, per the distribution policy; we expect 64%. 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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