Polarcus (Hold, TP: NOK1.50) - Leveraged seismic option
With the restructuring of its balance sheet and removal of expensive leases, Polarcus has improved its liquidity runway to 2021 in the current market. In our view, it is a highly leveraged option on a market recovery in the next three years. However, trading in line with its NAV and with still-high leverage, we have a HOLD recommendation and NOK1.5 target price (previously NO REC, no target price).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.