Odfjell Technology (Buy, TP: NOK80.00) - Growth pause, but deep value
Odfjell Technology rounded off 2023 with solid cash flow, helped by a working capital unwind. We believe the results leave scope for it to raise dividends this year (we forecast NOK3.3 annualised), while the company is also looking at M&A and other investments. 2024 is lining up to be somewhat slower on growth (after two strong years), but management remains upbeat for 2025 and beyond. We reiterate our BUY and NOK80 target 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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