Ørsted (Sell, TP: DKK390.00) - Awaiting divestments
With a stretched balance sheet, Ørsted’s equity story is increasingly about the asset divestments needed to maintain its credit rating without raising equity. Hence, we believe the prospects for near-term disposals will be the key point of focus in the upcoming Q3 report. Although we see low risk to the “under construction” portfolio after several rounds of impairments, there are still wider industry issues, with too-high costs and a stretched value chain. We reiterate our DKK390 target price, but have downgraded the stock to SELL (HOLD) as we believe it prices in growth beyond company targets and successful divestments.
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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