Odfjell Technology (Buy, TP: NOK70.00) - Greater margin confidence
Despite trading up 50% since November, Odfjell Technology now screens even more attractively on earnings multiples thanks to higher estimates. The discount to peers has widened for the same reason. With an asset-light business model and impressive earnings track record (even during industry downturns), we do not believe the potential is fully reflected in the share price. We reiterate our BUY and have raised our target price to NOK70 (50), suggesting 90% upside potential from the current share price.
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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