Odfjell Technology (Buy, TP: NOK70.00) - Growth slowing, but deep value
We see an increased risk of contracts in the well service segment being postponed or not renewed and have lowered our 2025–2026e EBITDA by 13–14%, leaving us c20% below consensus. The stock is trading at a 2025e FCFE yield of c17%, which we believe limits the downside risk, while we struggle to find any clear catalysts for the equity story ahead. We reiterate our BUY, but have lowered our target price to NOK70 (80).
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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