Ørsted (Sell, TP: DKK474.00) - Convincing capital discipline
With its key growth and profitability targets reiterated and the announced inflationary impact on revenues and capex well expected, we believe the key focus at Ørsted’s CMD was its message about capital discipline and value creation. The company highlighted its: 1) bidding discipline; 2) measures to protect margins and improve profitability; and 3) willingness to walk away from projects where value is not created. With the announced targets already largely included in our estimates, we have made only small forecast changes, and reiterate our SELL and DKK474 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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