Vår Energi (Buy, TP: NOK43.00) - Gas price tailwinds
While the trading update showed Q4 production below consensus expectations, we highlight the strong realised gas price in the quarter (we estimate the highest among NCS peers), likely driven by large spreads between spot and forward prices, where Vår Energi’s flexible gas sales agreements allowed for optimised achieved prices. With Q4 headline figures out of the way, we believe focus will turn to the company’s growth ambitions at its CMU in February. We reiterate our BUY and NOK43 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.