Vår Energi (Buy, TP: NOK39.00) - One step closer to growth
Vår Energi reported net production of 256kboed in Q3, broadly in line with our 258.5kboed estimate, but 3% below Bloomberg consensus of 264kboed. Realised liquids and gas prices were in line with our estimates, while liquids prices were 5% below consensus (although we question the quality of consensus here). We have made minor estimate changes following the trading update, with 2024e EBITDA down by ~1%. We now forecast full-year production at 286kboed, in line with the updated production guidance of 280–290kboed. 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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