Polarcus (Hold, TP: NOK1.50) - Positive on market, but short of consensus sentiment
Q4 segment EBITDA of USD2.5m was below our estimate of USD12m and consensus of USD10m on higher costs. Market comments support our view of a gradually improving seismic market, but were less upbeat than we had expected. The company expects continued increased pricing but part of recent awards are explained by operations in high-cost areas, which should soften investor sentiment on a very strong 2019.
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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