Polarcus (Buy, TP: NOK1.80) - Q2 below on higher cost
Polarcus reported EBITDA of USD7.2m versus our estimate of USD9.6m, due to higher than expected costs. With the increased cost guidance and comments on continued competitive pricing near-term, we consider the Q2 report to be on the soft side versus expectations with increased risk to 2019e consensus.
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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