Ventura Offshore (Buy, TP: NOK50.00) - First step taken
With Carolina booked until early 2029, we believe the company has taken the first step for significant shareholder returns from 2027e. Despite uncertainty in the global deepwater market, locally owned rigs in Brazil benefit from a significant cost advantage. In a scenario with a similar contract for its other Brazil-based rig and its Southeast Asia rig keeps working, we believe the entire market cap could be distributed in dividends over 2027–2028. The stock is trading at a 2027e EV/EBITDA of 0.8x. We reiterate our BUY and NOK50 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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