BlueNord (Hold, TP: NOK660.00) - A tough start to the year
Ahead of the Q1 results (due at c07:00 CET on 7 May), we forecast net production of 30kboed and EBITDA of USD124m (no reliable consensus). Due to continued operational issues at Tyra and reduced production in March and April, we have cut our 2025e EBITDA by 14%. Consequently, we now expect the first dividend payment (USD215m) in Q2. With the stock trading at a P/NAV of ~1.15x, we reiterate our HOLD, but have cut our target price to NOK660 (680) on our lowered 2025 estimates.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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