Polarcus (Buy, TP: NOK1.80) - Leveraged seismic option
We are in line with consensus for Q1 (results due at 7:00 CET on May 11). Polarcus is a leveraged option on a market recovery in the next three years, and given its favourable relative valuation, we believe it could be an attractive prospect in a consolidation scenario among the vessel owners. We have upgraded our recommendation from HOLD to BUY and raised our target price from NOK1.50 to NOK1.80.
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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