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.
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.
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.