Ørsted (Hold, TP: DKK310.00) - US regulatory risks still in focus
We forecast Q1 EBITDA excluding new partnerships of DKK8.0bn, largely in line with consensus, with offshore wind speeds below normal. We continue to see headwinds in the US, and expect focus to be on the impact from US tariffs and potential construction halts on the US wind farms under construction, as well as other risks in the country. We reiterate our HOLD and DKK310 target price, and believe uncertainties related to the US operations, farm-down execution, and liquidity need to be resolved for any material upside potential to unfold.
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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