Polarcus (Hold, TP: NOK2.20) - Awarded job, but fewer tenders
Polarcus reported Q3 segment EBITDA of USD7.3m versus our estimate of USD5.3m and consensus of USD6.5m. The beat comes from increased late sales from two of the company’s multi-client projects, while increased reimbursable costs offset some of the beat. Bookings for the winter season improved compared to the same period last year, while tender activities were somewhat subdued.
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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