Panoro Energy - Initiation of coverage - Transformative journey panning out
In our view, Panoro’s well-timed transformative acquisition last year laid the foundation for solid production growth, fuelling free cash flow generation and dividend capacity in the years ahead. Valued at a conservative P/NAV of 0.44x, we believe the significant upside potential is being overlooked by the market, as we see ~60% annual FCF yield across 2023–2025e on our current oil price assumptions. We initiate coverage of Panoro Energy with a BUY and NOK41 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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