Vår Energi (Buy, TP: NOK36.00) - Solid exit production in 2023
Q4 net production was 225kboed, slightly above our estimate and consensus. The 7% QOQ increase was driven mainly by reduced turnaround activity and the start-up of the Breidablikk and Tommeliten A fields. The realised liquids price was USD81.5/bbl, in line with our expectation and consensus. The realised gas price was USD89.5/boe, 4% above our USD85.9/boe estimate (no reliable consensus available). Due to a technical impairment related to the Balder field (estimated at cUSD117m post-tax), we have cut our 2023e EPS by 18%. We reiterate our BUY and NOK36 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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