reports
- Ole-Andreas Krohn
- Martin Arnell
- Ole-Andreas Krohn
- Simen Mortensen
- Frank Maaø
- Ole-Andreas Krohn
- Ole-Andreas Krohn
- Ole-Andreas Krohn
- Alexander Aukner
- Joachim Gunell
- Ole-Andreas Krohn
- Alexander Aukner
The Scottish Salmon Company (Hold, TP: NOK25.00) - Higher volumes in Q...
Q2 operational EBIT was a solid GBP16m (we forecast and GBP10.5m, consensus GBP14.1m). The strategic process is ongoing but the company expects it to be concluded by end-September. We believe an outright bid for the company to be the most likely outcome, as non-binding interest to purchase has already been communicated by the company. We have raised our 2019e EPS by 14.4%, but our 2020–2021e EPS are largely unchanged. We reiterate our HOLD and NOK25 target price.
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Paul Harper
- Ole-Andreas Krohn
- Alexander Aukner
- Jon Masdal
- Marius Knudssøn
- Martin Huseby Karlsen
- Niclas Gehin
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Ole-Andreas Krohn
- Alexander Aukner
Scandi Standard (Hold, TP: SEK73.00) - Stabilising production
Q2 adj. EBIT of SEK115m was c1–5% above our estimate and consensus. The guidance was firm and operations seem to have stabilised after several quarters with operational challenges. We have made only minor changes to our 2020–2021e EPS, but with increased confidence that the operations have turned for the better and the higher peer group multiples, we have reduced our risk premium and increased our target price to SEK73 (65). We reiterate our HOLD.
- Martin Huseby Karlsen
Borr Drilling (Buy, TP: NOK110.00) - Seeing is believing
Given the sluggish sentiment for offshore drilling, we believe investors would like to see more contracts followed by actual P&L and cash-flow improvement to gain trust and confidence in the ongoing jack-up market recovery. As Borr steadily puts rigs in operation, we believe this will gradually unfold in the coming quarters. At the same time, we highlight that patience is needed for the equity upside potential to unfold. We maintain our BUY with a NOK110 target price.
- Alexander Aukner
- Martin Huseby Karlsen
Odfjell Drilling (Buy, TP: NOK43.00) - A harsh-environment success sto...
The Odfjell Drilling story continues: it is in a unique position in the offshore drilling industry, as it generates meaningful EBITDA and is trading at low multiples (2021e EV/EBITDA of 4.0x and net debt/EBITDA of 2.2x). We are confident that the rigs will be extended under its framework agreements and see upside potential versus current rate levels, and we have factored bonus payments in our estimates. We reiterate our BUY and NOK43 target price.
- Ole-Andreas Krohn
- Eivind Sars Veddeng
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Nicolay Dyvik
- Ole-Andreas Krohn
- Marius Knudssøn
BW Offshore (No_rec, TP: NOK) - Waiting for updates
We are slightly below consensus Q2e EBITDA. We expect updates on its FPSOs rolling of contracts in the near-term and potentially the Hibiscus updip appraisal well in Gabon. We forecast an average FCF to EV yield above 20% for the next few years from the FPSOs alone, and our DCF-based SOTP of the FPSO fleet is NOK50/share. As DNB Markets has been retained as financial advisor by BW Energy, we have NO REC or target price on BW Offshore.
- Alexander Aukner
- Jon Masdal
- Marius Knudssøn
- Martin Huseby Karlsen
- Ole-Andreas Krohn
- Patrik Ling
- Ole-Andreas Krohn
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