Energy Morning - 24 March 2025

Energy Morning - 21 March 2025

UWL divestment boosts NAV by ~3-4%

Bonheur (Buy, TP: NOK310.00) - Progressing well

With the Q4 earnings miss due to lower power production than expected on downtime and curtailments largely outside the company’s control, we believe the main takeaways were solid underlying developments, with: 1) Fred. Olsen Windcarrier (FOWIC) firming up a contract at accretive economics increasing its backlog by 56% QOQ; 2) another onshore wind farm reaching an FID; and 3) a sharpened capital allocation strategy. We reiterate our BUY and NOK310 target price, with the stock looking attractively...

A bump in the road

Q4: a bit softer than expected

Renewable Weekly – 20 February 2025

This week, we summarise this week's most important newsflow on the companies under our coverage.

Bonheur (Buy, TP: NOK310.00) - Below consensus for Q4e

We expect Q4 to be affected by slightly lower wind speeds than normal and two FOWIC vessels at yard. Our Q4e EBITDA is NOK831m, 8% below Bloomberg consensus (due to a lower contribution from Wind Services). With some idle capacity on the FOWIC vessels in 2026–2027, we expect focus to be on future contracting opportunities. We reiterate our BUY and NOK310 target price, and believe the stock is trading attractively at a P/NAV of 0.7x.

Energy Morning - 30 January 2025

Soft Q4e, but solid value

Renewable Weekly – 27 January 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Energy Morning - 7 January 2025

Renewable Weekly – 28 Nov 2024

On aggregate, the R&C stocks underperformed (equal weight) the MSCI Nordic by ~4% throughout the reporting season (15 October to today).

Renewable Weekly – 11 November 2024

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Bonheur (Buy, TP: NOK310.00) - Another solid quarter

The Q3 results surprised on the upside, driven by higher realised power prices in Renewable Energy and a greater contribution from Wind Service. We have raised our 2024e EBITDA by 4% on the strong Q3 results, and 2025e by 12% on the new FOWIC vessel reservation agreement and expected further rebound in the cruise market. We reiterate our BUY and have raised our target price to NOK310 (300), seeing the stock trading attractively at 0.8x P/NAV, below other renewable energy names.

Going higher

Renewable Weekly – 25 October 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Q3 first take: another big beat

Bonheur (Buy, TP: NOK300.00) - Slightly below consensus for Q3e

We forecast Q3 EBITDA of NOK740m, 5% below Bloomberg consensus on lower contributions from Renewable Energy and Wind Service, with lower wind speeds than normal and some idle vessel capacity towards the end of the quarter. We reiterate our BUY, but have raised our target price to NOK300 (275) after adding two new onshore wind projects to our NAV and increasing the contribution from FOWIC slightly.