Ørsted (Hold, TP: DKK405.00) - Strong operating quarter expected
We forecast Q2 underlying EBITDA of DKK4.1bn, excluding new partnerships and cancellation fee changes, reflecting normal wind speeds and operations. The DKK1.2bn lower Ocean Wind 1 settlement in the quarter should be a slight relief for liquidity, but we do not expect further large reductions in termination fees. We reiterate our HOLD and DKK405 target price, given the lack of potential near-term catalysts with the stock trading at a 2024e EV/EBITDA of 9.8x.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.