Vår Energi (Buy, TP: NOK37.00) - On course for NCS boost
We have updated our estimates and valuation for the acquisition of Neptune Energy’s NCS assets and the recently announced capex increase related to Balder X and Johan Castberg. We find the acquisition of the NCS assets compelling, implying ~NOK2/share NAV accretion and a ~4%-point near-term FCF yield increase. We reiterate our BUY and have raised our target price to NOK37 (35).
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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