Ørsted (Hold, TP: DKK320.00) - Headwinds still present
We forecast Q4 EBITDA excluding new partnerships of DKK8.6bn, largely in line with consensus, with wind speeds slightly below normal. Ørsted’s stock is trading slightly below our NAV. However, we still believe the stock will continue to struggle until the execution risk on asset disposals is lower and the capital markets have more clarity on the magnitude of potential US policy changes. We reiterate our HOLD, but have lowered our target price to DKK320 (390) owing to higher underlying interest rates and the abovementioned issues.
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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