Vår Energi (Buy, TP: NOK38.00) - Strong underlying performance
We view the Q1 report as slightly positive, despite a 5% EBITDA miss to consensus. We direct our attention to the strong operating underlying performance with production and costs 3% better than expected. Thus, we view the EBITDA miss primarily a result of timing effects with c12kboed lower sold volumes than produced in the quarter – something we expect to reverse over the coming quarters. The raised 2022e dividend guidance to USD1bn (we and consensus expected USD900m) implies a competitive 9.7% dividend yield.
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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