Vår Energi (Buy, TP: NOK40.00) - Jotun FPSO sail-away in focus
Q1 was in line with our expectations and consensus. Over the next months, we believe investor focus will remain on the Balder X development and the August sail-away schedule for the Jotun FPSO, a pre-requisite for production start in Q4 this year. Our estimates reflect start-up in late-2024, but based on our investor discussions, most seem to factor in the FPSO not reaching the August sail-away deadline and start-up being delayed until end-Q2 2025. We view the risk/reward as attractive should Balder X achieve its targeted start-up date in Q4. 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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