Polarcus (Hold, TP: NOK1.50) - Building backlog
Polarcus reported adjusted Q4 results in line with its pre-announced figures, and we expect to make no estimate changes on the back of the report. The backlog coverage is 85% for Q2 and 60% for Q3. We expect Polarcus to continue to take market share and improve its backlog for Q2. Market comments are unchanged with cautious exploration spending, while the market is showing signs of stabilisation. Following the update given with the restructuring, we consider the Q4 report to be neutral.
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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