Polarcus (Sell, TP: NOK0.10) - Need to address capital structure
For the Q1 results due at 07:00 CEST on 30 April, we are broadly in line with consensus. We believe Polarcus will need to address its capital structure in the next 12 months, including haircuts to debt, resulting in limited value for existing shareholders; we maintain our SELL and NOK0.10 target price.
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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