Ørsted (Hold, TP: DKK390.00) - Higher liquidity risk
Strong operational Q2 results were overshadowed by impairments and further US project delays, increasing concerns about the construction risk for offshore wind. With only small onshore farmdowns announced YTD, many more are needed for Ørsted to cover its committed capex. Hence, believe its liquidity situation should be followed closely. We reiterate our HOLD, but have cut our target price to DKK390 (405).
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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