Ørsted (Hold, TP: DKK405.00) - A neutral Q1 report
Investors were relieved after Ørsted’s decent Q1 results, despite the cash flow being a tad weak, with a ‘no news is good news’ attitude. As the stock is trading largely in line with our valuation of the company’s underlying assets, we consider this fair. We believe further signs of higher project profitability are needed for the stock to move higher, and thus consider the comments about a better farm-down market in interest and pricing to be supportive. In all, we consider the report neutral and have made small estimate changes. We thus retain our HOLD and DKK405 target price.
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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