Revaluation masks strong underlying performance

Green shoots in Sweden, Norway weighs

EBIT 3% below, outlook reiterated

EBIT -3% vs cons due to Norway. ÖoB better despite sales miss: Outlook unchanged; '26 cons EBIT down ~2%, stock to follow.

Norway clear, Sweden cloudy

Longer-term story intact

Underlying in line, reported hit by one-offs

One hot, one not

'26 ÖoB weaker

EBIT -3% vs cons on a small GM / Opex miss. Sales better. ÖoB below and do not expect EBIT improvement in '26. Unchanged '26 EBIT in ÖoB yoy will take cons '26 EBIT down 6-7%.

Strong YTD re-rating, with room for more

Solid Q3 expected

Time to collect (dividends)

Up its investment & DPS guidance

Strong core, Swede needs more

Better on higher sales

EBIT +18% vs cons on 3% better sales. ÖoB better than cons and celar q-o-q improvement

Stable ground, numbers on track

Strong collection set to continue

Solid secured and unsecured collection

Over-collection in both unsecured (109%) and secured (~200%); Cash EBITDA of NOK 975m, +2% vs ABG and +1% vs cons; Stock flat to just up; Cons est rev. minor (ERC neg vs collection pos)

Needs to lock in 2026

Offshore Drilling (DNB Markets) (, ) - (39 pages)

Seadrill (Buy, TP: USD35.00) - Countdown to 2027

Despite a tough deepwater market, on our estimates, Seadrill is trading at a c4x EV/EBITDA for 2025–2026e, falling to 2.8x for 2027e (with our 2026–2027e EBITDA 21–23% below consensus). We see limited cash flow yield potential near-term, rising to c15% for 2027e. Tier-2 rig challenges have been a key investor concern, and while we model only a small contribution from these rigs (7–5% of our 2026–2027e EBITDA). We estimate c50% upside potential on asset values even in a scenario where we assign z...

Sustainable high dividends and investments