Vår Energi (Buy, TP: NOK40.00) - Decent start to the year
Vår Energi reported solid Q1 net production of 299kboed in its trading update, in line with the guidance provided in March. Realised prices for liquids and gas were 1–4% above our estimates. Our 2024e net production of 300kboed is at the high-end of the 280–300kboed guidance, albeit with limited incremental production from Balder X and Johan Castberg. For the Q1 results (due at c07:00 CET on 23 April), we expect focus to be on the execution and timeline of the Balder X (if start-up slips into Q2 2025) and Johan Castberg developments. We reiterate our BUY and NOK40 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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