Vår Energi (Buy, TP: NOK39.00) - Ripping off the band-aid
With the start-up of Balder X postponed to Q2 2025, we have reduced our 2025e production by 5%, with a combined USD-200m effect on 2025–2026e FCF. Our estimates still cover current dividends, and the dividend policy suggests stable dividends ahead. We reiterate our BUY, but have lowered our target price to NOK39 (40).
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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