Polarcus (Hold, TP: NOK1.30) - Beat as expected, Q4 seen softer
Polarcus reported Q3 EBITDA of USD29m, above our estimate of USD24m and consensus of USD19m, on strong revenues helped by a one-off project in Russia and high project efficiency, partly offset by higher costs. With the strong Q3, cash flow improved, albeit slightly below our expectations. With a soft backlog situation the company expects some idle time in Q4 and lower utilisation, hence we expect to see some downward consensus revisions, although we consider the report strong and see the share price up today.
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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