Ørsted (Hold, TP: DKK310.00) - Still lacking US control
While Ørsted’s DKK12.1bn of incremental impairments exposed some of the underlying uncertainties in the company’s US offshore wind portfolio, we still see further issues related to its US operations (including execution and policy risks), farm-down execution, and liquidity. We see an improved risk/reward profile after yesterday’s 11% sell-off, with the stock trading 10% below our core NAV, but still believe the abovementioned issues need to be resolved for any potential material upside to unfold. Hence, we reiterate HOLD, but have cut our target price to DKK310 (320).
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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