Report
Steffen Evjen
EUR 92.49 For Business Accounts Only

Panoro Energy (Buy, TP: NOK41.00) - Set to generate solid cash flow in H2

Q1 EBITDA of USD39m was just below our USD42m estimate and Bloomberg consensus of USD41m. The shareholder distribution policy and capex programme for 2024 were maintained, but a share buyback programme was launched as part of its distribution framework. We have cut our 2024e EBITDA by 7% after factoring in the planned maintenance offshore Gabon in Q2, but reiterate our BUY and NOK41 target price.
Underlying
Panoro Energy ASA

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Steffen Evjen

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