DnB Markets - SeaDrill Ltd (SDRL) Hold your breath

Report

DnB Markets

Thomas Larsen

Hold your breath

Seadrill Ltd (SDRL NO) - Hold your breath (7 pages)

11/09/2017 7 EN

Underlying

SeaDrill Ltd

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BMG7945E1057 Bermuda

Provider

DnB Markets

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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Analysts

Thomas Larsen

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Hold your breath

Valuation and market update

Limited change in EP spending

Valuation and market update

Holmen (Sell, TP: SEK370.00) - Weak earnings momentum

VEF (Buy, TP: SEK3.50) - Positive momentum continues

Volvo (Buy, TP: SEK340.00) - Beat in softer markets

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