Vår Energi (Buy, TP: NOK48.00) - Yield story intact
Cost overruns, lowered production and downward revisions to our gas price assumptions have led us to cut our target price to NOK48 (58). Nevertheless, we reiterate our BUY, as we continue to find compelling value in the stock. From Q3 2022 until end-2025, we estimate its entire market cap should be recouped in FCF, with ~50% in accumulated ordinary dividends.
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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