Vår Energi (Buy, TP: NOK37.00) - Set for growth ahead
We estimate Q3 production of 207kboed (no reliable consensus) and realised prices of cUSD85/boe. Our USD1,579m revenue estimate is 8% below Bloomberg consensus of USD1,708m, with the deviation likely due to our expectations of lower production and realised prices than consensus. We highlight that production in Q3 should be up QOQ, with additional volumes from recent start-ups (Fenja, Hyme, and Bauge), and partly offset by high maintenance activity in the latter part of the quarter negatively affecting gas production. We have made limited estimate changes and reiterate our BUY and target price of NOK37.
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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