Polarcus (Hold, TP: NOK2.40) - Downward consensus revisions to hamper share price
Polarcus reported Q2 EBITDA below our expectations and consensus on higher than expected cost. With a continued focus on utilisation and still-low tender activity, we believe the hopes of significantly higher dayrates will fade. As consensus is for a 30% YOY sales increase in 2019, we believe that in the coming months consensus revisions will hamper the share price: we therefore have downgraded our recommendation from BUY to HOLD; our target price moved to NOK2.40 (1.80) on a higher NAV premium.
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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