BlueNord (Hold, TP: NOK680.00) - The dividend tap has opened
BlueNord reported a solid Q4, with EBITDA of USD109m, above our estimate of USD78m and consensus of USD95m. While 2025 production guidance was slightly lowered, the focus was on its first dividend (USD215m, ~15% yield), scheduled for payment in late Q1 when the Tyra completion test is met. This would be the first of USD1bn (~60% of market cap) in total dividends by end-2026e. Still, we find the stock fairly valued, trading at a P/NAV of 1.2x. We reiterate our HOLD and NOK680 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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