Polarcus (Buy, TP: NOK1.30) - From Russia with love
Polarcus reported a strong set of results, with adj. EBITDA of USD12.3m (we forecast USD1.3m, consensus USD4.5m) driven by higher than expected pricing and late sales. Despite this, FCF of USD3.1m disappointed. We believe the strong Q2 bodes well for Q3 and we expect material upward consensus revisions towards our well above-consensus forecasts.
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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