Odfjell Technology (Buy, TP: NOK80.00) - Still a re-valuation case
Odfjell Technology delivered yet another strong quarter, with Q4 EBITDA 5% above our estimate, supporting 2–5% positive revisions to our 2023–2024e EBITDA. We still see significant upside potential, with the stock trading at a 2023–2024e EV/EBITDA of 3.2x–2.6x, well below peers and broadly unchanged since November, with the c100% share price increase over the past three months primarily explained by estimate revisions. We reiterate our BUY and have raised our target price to NOK80 (70).
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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