Panoro Energy (Buy, TP: NOK38.00) - In line should be enough
The Q4 results were in line with our estimates and consensus, as was the 2025 production and capex guidance, although the partner and operator guidance suggest production may trend towards the lower end of the 11–13kboed range (we forecast 12kboed). Over the past three years, actual production has ended 5–10% below the initial guidance; hence, with the stock trading at a ~30% discount to NAV, we believe solid execution could restore investor confidence and support a re-rating. We reiterate our BUY and NOK38 target price.Panoro Energy is an international independent oil and gas company engaged in the exploration and production of oil and gas resources in Brazil and West Africa. In Brazil, Co. participates in a number of oil and gas licenses located in the Santos basin outside the south-east coast of Brazil and in the Camamu-Almada basin in the state of Bahia. In West Africa, Co. participates in a number of licences in Nigeria and Gabon. As of Dec 31 2013, Co.'s commercial production is from the Manati field in Brazil.
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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