Vår Energi (Buy, TP: NOK39.00) - All eyes on 2025
Vår Energi reported solid Q3 results, with EBIT of USD740m, 6% above our estimate and 5% above consensus, although the beat was largely driven by one-off gains related to asset sales. As its projects are progressing according to plan, we believe focus among investors has shifted towards the cash-generative year, 2025. On our estimates the company is set to generate an attractive FCF yield of ~15% in 2025. The stock is trading at an attractive dividend yield of 13%. We expect dividends to be flat YOY in 2025. We reiterate our BUY and NOK39 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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