Polarcus (Buy, TP: NOK1.50) - An option on market recovery
We consider Polarcus an attractive option on a seismic recovery, with P/NAV at 0.6x and liquidity to 2021/2022. We maintain our NOK1.50 target price, while we have upgraded to BUY (HOLD). In our view, the main risk is high leverage, with adjusted NIBD/EBITDA of 10x in 2019e; however, with its solid operations in an improving market we believe the option is compelling.
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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