Ørsted (Hold, TP: DKK375.00) - Catalysts look priced in
We believe Ørsted’s strategic plan will be the key focus in conjunction with its annual report, and retain our view of the company not needing to raise equity to maintain its BBB+ credit rating. With lower interest rates and more clarity on its balance sheet and growth plans after the strategic update, we expect to see greater investor willingness to price in a moderate contribution from growth again. With this, a lower WACC and a higher contribution from Hornsea 3, we have raised our target price to DKK375 (325). We reiterate our HOLD and view the near-term positives as largely priced in.
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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