Ørsted (Hold, TP: DKK310.00) - Walking a tightrope
Although we welcome the message of disciplined value-focused growth and no equity needed, we do not consider Ørsted to be out of the woods yet, as we still see financial and US-related risks. On our estimates, the lowered capex guidance just about gets the company to the low end of its FFO/NIBD target, leaving limited room for error ahead. We reiterate our HOLD and DKK310 target price, and still struggle to see a meaningful valuation upside despite the stock trading at an 15% discount to our SOTP.
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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