BlueNord - Initiation of coverage - Shifting gears
Following the restart of the Tyra field (scheduled for Q1), we forecast BlueNord to more than double its production from 2023 to 2025. This, along with a favourable tax position, including utilisation of a ~USD850m tax-loss carry-forward, should support significant near-term FCF generation. Moreover, we believe a potential refinancing of its bond in 2024 could open up for meaningful dividends, potentially resulting in a rerating of the stock. We initiate coverage of BlueNord with a BUY and NOK660 target price, implying a P/NAV of 1.1x.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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