Ørsted (Sell, TP: DKK474.00) - Awaiting tender outcomes
We forecast Q1 EBITDA of DKK6.8bn, fairly in line with consensus. However, we believe the outcome of the ongoing offshore wind tenders in Rhode Island and New York will attract greater attention as this will provide indications for the profitability of future growth given new industry projects have recently seen subdued profitability (particularly in the US). We reiterate our SELL but have raised our target price to DKK474 (470). We still consider the valuation stretched, with the stock trading 80% above our value for its existing business and visible growth.
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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