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ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
05/24/24 May 24, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/23/24 April 23, 2024 1 EN
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Åsne Holsen
  • Daniel Vårdal Haugland
IWS-NO INTEGRATED WIND SOLUTIONS
BONHR-NO BONHEUR
ORSTED-DK ORSTED
VWS-DK VESTAS WIND SYSTEMS
CADLR-NO CADELER
EWIND-NO EDDA WIND
EQNR-NO EQUINOR
04/19/24 April 19, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/12/24 April 12, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+24)

Q1'24 sector preview

We expect strong Q1 reports and bullish management teams. Oil price assumptions up, near-term gas price slightly down. Best risk/reward in AKRBP, VAR, IPC, TGS, ODL, DOFG and SUBC.

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
SEAPT-NO SEACREST PETROLEO
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
BNOR-NO BLUENORD
IPCO-SE INTERNATIONAL PETROLEUM CORP.
NOL-NO NORTHERN OCEAN LTD.
04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
PREMIUM
SUBC-NO SUBSEA 7

Stronger earnings momentum from Q2e

We estimate USD 156m in Q1 EBITDA. Book-to-bill ~1x in Q1e, solid tender pipeline. Still attractive cash flow yield — BUY, TP NOK 220 (200).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
VAR-NO VåR ENERGI

Q1 should be strong in all respects

Steady production and strong underlying cash flow. 2026e EPS up 10%. A clear BUY, TP up to NOK 45 (37).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
OKEA-NO OKEA

Hold your horses

Looking dead cheap, but we want to see some steady quarters. Still a HOLD, TP to NOK 30 (27).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
AKRBP-NO AKER BP

Yet another steady quarter expected

We expect Q1 FCF of NOK 15.9/share. Look out for comments about Johan Sverdrup and Edvard Grieg. A clear BUY, TP to NOK 365 (345) on higher oil price assumptions.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
EQNR-NO EQUINOR

Q1 likely solid

Steady production, high oil/gas prices. '24e and '25e EPS down ~11% due to lower gas price assumptions. We stick to SELL, TP to NOK 275 (250) on more bullish LT oil price.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
PREMIUM
PGS-NO PGS

Strong Q1 and positive outlook

Q1 strong for MC and for contract, with more to come. TGS-PGS merger just around the corner. A clear BUY, TP to NOK 12 (11).

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
PREMIUM
DNO-NO DNO

Still a cheap option on pipeline reopening

Long-term estimates up on higher oil prices. Maintaining our assumption of local sales in '24. A cheap option on a reopening of the pipeline.BUY.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
PRS-NO PROSAFE

Limited backlog progress in Q1e

Improvement expected in Q1e, but low figures. Limited backlog development. The Floatel playbook works, but needs order intake. BUY.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
PREMIUM
BWE-NO BW ENERGY

Higher oil price offset by increased costs

Higher oil price assumptions offset by increased costs. Dussafu ramp-up and possible Maromba FID in focus for '24. We prefer other E&Ps at the moment; reiterate HOLD, TP NOK 27.

04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/08/24 April 8, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
03/13/24 March 13, 2024 1 EN
ABGSC Strategy Research ... (+2)
  • ABGSC Strategy Research
  • Bengt Jonassen
PREMIUM
SUBC-NO SUBSEA 7
TGS-NO TGS ... (+11)

Norway: Best ideas Q1'24

Growth momentum picking up. Increased risk on very high US valuation. Best long ideas are: NHY, STB, SUBC, AFG, BONH, NAS, LINK, LSG, TGS, WAWI.

SUBC-NO SUBSEA 7
TGS-NO TGS
BONHR-NO BONHEUR
NAS-NO NORWEGIAN AIR SHUTTLE
NHY-NO HYDRO
EQNR-NO EQUINOR
STB-NO STOREBRAND
LINK-NO LINK MOBILITY
LSG-NO LERØY SEAFOOD GROUP
AFG-NO AF GRUPPEN
WAWI-NO WALLENIUS WILHELMSEN ASA
03/12/24 March 12, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
PREMIUM
SUBC-NO SUBSEA 7

Inserting the last piece of the puzzle

Earnings and cash flow beat in Q4. Strong backlog support for '24 guidance. Increasing distribution visibility - BUY - NOK 200 (180).

03/01/24 March 1, 2024 1 EN
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Åsne Holsen
  • Daniel Vårdal Haugland
02/29/24 February 29, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
02/29/24 February 29, 2024 1 EN
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