OKEA (Hold, TP: NOK23.00) - Fairly valued
OKEA reported Q2 EBITDA of NOK1,617m, 7% below our NOK1,744m estimate (no reliable consensus), with the miss mainly related to the expensing of the previously capitalised cost of the Calypso well, which we consider non-recurring. We have made limited changes to our 2024 estimates. As the company mentioned heightened risks for future projects at Statfjord, we remain cautious about the production outlook at the field. We reiterate our HOLD and NOK23 target price.Okea ASA is a Norway-based oil company engaged in the oil and gas exploration and production industry. The Company contributes to the value creation on the Norwegian continental shelf with development and operation systems through the utilization of the result of previous and ongoing exploration activities in order to bring undeveloped oil on stream in strategic cooperation with service companies. Its services do not involve the exploration for petroleum. The Company operates an office in Trondheim, Norway.
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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