Where industry experts go for advice.

A leading investment bank with a concentrated focus on maritime industries

Sign in to start your session

 
 

For a user account, please contact your sales representative or send us an e-mail on: research@fearnleys.no

Disclaimer Research
Latest research

Date
Reason
Reason
Industry
Document sector
Pages
Pages
When
Date
Text
Report by
Analyst21
Analyst2
Analyst3
Analyst4

Industry
Offshore/Oil Services
Pages
2
When
2019-12-10T09:11:44+1


Industry
Shipping
Pages
126
When
2019-12-09T09:53:12+1


Industry
Offshore/Oil Services
Pages
28
When
2019-12-04T09:17:56+1


Industry
Offshore/Oil Services
Pages
2
When
2019-12-03T08:32:02+1


Industry
Shipping
Pages
126
When
2019-12-02T09:58:44+1


Industry
Fixed Income E&P
Pages
36
When
2019-12-01T18:11:35+1


Reason
Results Review
Industry
Drilling
Pages
17
When
2019-11-29T08:01:51+1
What’s new: 3q19 Review – hiking share price target to USD 4.5 / NOK 41 (USD 4.4)
Our take: Multiple near-term triggers, a clear path to dividends coupled with an attractive valuation makes ODL among of favourite long plays. Buy recommendation reiterated.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Newsflash
Industry
Drilling
Pages
7
When
2019-11-27T08:55:27+1
What’s new: 3q19 Trading Update and Fleet update
Our take: Revenues largely in-line, maintains 2019 EBITDA guidance, but lower Capex guidance on SPS timing and lower costs, setting up DRLCO for FCF positive in 2019 already.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Results preview
Industry
Services
Pages
16
When
2019-11-27T08:00:29+1
What’s new: 3q19 results + updated estimates
Our take: We downgrade to HOLD on the back of slower than expected demand, liquidity risk on the back of RCF covenant and limited 2nd transactions firming implied valuations.
Report by
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst

Reason
Results Review
Industry
FPSO
Pages
16
When
2019-11-27T07:53:13+1
What’s new: 3q19 review, 1% positive revision to 2019-21E EBITDA
Our take: Negatives offset by positives, the equity story remains intact with attractive valuation and triggers trough derisking, extensions/redeployments & exploration
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Results Review
Industry
Drilling
Pages
15
When
2019-11-27T07:48:27+1
What’s new: 3q19 review
Our take: While the JU market is on a roll, BDRILL, as expected, addresses 2h20 liquidity concerns with 2h20 newbuilds deferrals and covenants tweaks as potential remedial steps.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Gustaf Amlé, Credit Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2019-11-26T15:33:51+1
What’s new: 3q19 results largely in line
Our take: Main highlights are slowing optimism around Hilli T3, improving LNGc earnings but standstill on cool co spin-off. Expect share to trade down upon opening.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2019-11-26T15:06:59+1

Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Gustaf Amlé, Credit Analyst

Industry
Offshore/Oil Services
Pages
2
When
2019-11-26T09:11:32+1


Reason
Newsflash
Industry
Gas
Pages
7
When
2019-11-26T09:00:47+1

Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
FPSO
Pages
7
When
2019-11-26T08:56:54+1
What’s new: 3q19 first take. USD 162m EBITDA in-line with pre-announced numbers
Our take: All-in-all a largely neutral report, with a delay in Brazil offset by FID on Ruche ph.1 and two liftings in 4q19 suggesting upside to estimates.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Industry
Shipping
Pages
120
When
2019-11-25T08:59:37+1


Reason
Update
Industry
Containers
Pages
17
When
2019-11-25T08:47:12+1
What’s new: Reducing 2h19, 2020E unchanged with 6x EV/ EBITDA and 7% FCF yield.
Our take: Getting increasingly comfortable with FY’20 estimates due to attractive return on scrubber charters. Another 500 scrubber installations by YE’20 to support charter market.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Gustaf Amlé, Credit Analyst

Reason
Results Review
Industry
Nordic Energy
Pages
16
When
2019-11-25T08:33:41+1
What’s new: 3q19 results review. TP raised to NOK 27/sh (23). Upgrade to Buy (Hold)
Our take: De-risking at Dussafu following Hibiscus Updip discovery and inclusion in Ruche ph. I is accretive to our valuation. Additional triggers could lift valuation further. Buy
Report by
Jørgen Torstensen , Analyst

Equity & Credit Research

Our sector based research team provide the firm’s sales force and institutional clients with a steady stream of research products and actionable investment ideas. The department focuses strongly on offering a global research product with creative and innovative approaches that give our clients added value in their decision-making processes. Our analysts look at economic, market, industry and company data to enhance the performance of our clients' global portfolios, and to help companies set their strategic direction.

The Research Division works closely with our sister companies in the Astrup Fearnley Group. This provides an unprecedented access to industrial intelligence, networks, market data, insight and knowledge. Our research product is truly global.

Our team of internationally ranked analysts provide a steady stream of value added research products and actionable investment ideas

Truls Olsen | Managing Director | Research

VLGC Market Outlook with Fearnresearch

Our Equity Analyst, Peder Nicolai Jarlsby and Senior Analyst LPG, Martin Kjendlie goes in-depth on the booming VLGC market. Watch the full video in our research portal.

Published

October 16, 2019