Vår Energi (Buy, TP: NOK38.00) - Fixed gas prices to the rescue
With roughly one-third of its Q1 gas sales fixed at USD285/boe, Vår Energi is set to realise significantly stronger gas prices than its NCS peers in the quarter. We expect these favourable agreements to keep its free cash flow on the positive side. Besides this, we expect limited surprises on production, costs and dividends, as these should be in line with previous guidance and expectations. We reiterate our BUY and NOK38 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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