Panoro Energy (Buy, TP: NOK45.00) - Set for dividend growth
Despite Gabon’s equipment-related headwinds for production ramp-up, we expect Panoro’s diversified portfolio to generate substantial FCF and support meaningful dividend growth ahead. The company plans to provide details on its 2024 shareholder return policy at its Q3 results (due at c07:30 CET on 29 November). Our estimates imply a dividend yield of 20%+ by 2025. We reiterate our BUY and have raised our target price to NOK45 (41), as our valuation now reflects a higher long-term oil price assumption (USD75/bbl).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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