Vår Energi (Buy, TP: NOK51.00) - Remains on track
While Q2 had higher than expected costs, we believe this can be isolated to one quarter, as field maintenance was prolonged and H2 should be back to normal. This is also supported by the unchanged guidance for 2022. We remain comfortable with Vår Energi’s growth story and still view the >350kboed end-2025 production target as reasonable, with all major development projects progressing according to schedule and on or below budget. We reiterate our BUY and NOK51 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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