OHT (Buy, TP: NOK35.00) -
New offshore champion in the making Subsea7 has announced it is to combine its renewables business with OHT, in which Subsea7 will hold 72% and OHT 28%. The new company will be named Seaway 7, and maintain OHT’s listing. Our initial view is that the exchange ratio looks fair. We see the strategic rationale for both companies, with scale being seen as particularly important in offshore wind in the years ahead. On our current estimates, the combined entity would trade on a fully invested (2024e) EV/EBITDA of c 5.7x
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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