Seismic Weekly - Week 4
Slow December Harvest and Healthier Biology Boosts Biomass Growth
High Yield Weekly - Week 4
Drillers Weekly - Week 4
Shipping Weekly - Week 4
A Solid Start to the New Year
What's new: 4q18 previewOur take: Pre-announced numbers in line with expectations. Close to 100% of FSest. 1h19 multi-client investments committed, upside potential from new surveys. 18% 19E FCF yield
Downside Protection with Upside Leverage
What's new: 4q18 and CMD previewOur take: A strong FCF and operational leverage leaves TGS a solid bet in the current climate. We see room for significant higher dividends, even in event of disappointing sales
Hero to Zero to Superhero?
What's new: Upgrade to Buy following recent sell-off and improved liquidity Our take: 4q18 sell-off and improved liquidity through asset sale and strong 4q18 now makes PGS an attractive investment in a recovering oil market. High risk, high reward.
Best Booking in Class
What's new: 4q18 preview and estimate updates post new contracts. New TP NOK 2.4 (2.6)Our take: PLCS has impressed through strong bookings over the last three months. Increasing 2019E EBITDA by 5% we find ourselves c. 15% above CS
A Strong Start, but More to Go on
What's new: 4q18 previews and analyst coverage transition Our take: We expect a continuation of the strong start to the year supported by our positive view on oil. Go asset light if unsure on oil market fundamentals, heavy if positive.
Delivering on all fronts
What's new: Updating estimates post CMDOur take: A strong CMD from AKERBP demonstrating not just value creation potential, but also providing transparency on what it takes to deliver it. Buy, TP NOK 360/sh (350).
Reaping NCS Success, Ghana Next?
What's new: Updated target and upgrade to Buy, impact of Aker BP dividend hike Our take: Upstream dividends of NOK 45/ 49 per share in 2019/20E supports DPS in higher end of policy (NOK 26/ 5% yield). Significant upside potential from appraisal wells and POD
E&P Weekly - Week 3
CMD first take: Significant dividend hike, higher production potential
4q18 Trading Update: EBIT 7%/9% Below FSest/CS
What's new: 4q18 Trading Update EBITadj. EUR 201m vs. FSest/CS EUR 217m/220mOur take: Underlying performance marginally below expectations with EBIT/kg of EUR 1.90/kg vs. FSest EUR 1.96/kg. Harvest volumes -4.1% below guidance due to slightly lower than expected volumes outside Norway.
Havilafjord AS - Contemplated up to NOK 250m sr. secured Tap Issue
Suspension of coverage
Seismic Weekly - Week 3
High Yield Weekly - Week 3
High Yield Perspectives Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
Seafood Perspectives: Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
Shipping Perspectives Highlights from the Astrup Fearnley Shipping and Offshore Conference 2018
Offshore Perspectives: Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
Drillers Weekly - Week 3
Shipping Weekly - Week 3
Soaring Higher on Stronger Updraft
What's new: Initiating coverage Buy TP NOK 2.5Our take: Clear run-away, high operational leverage, and tight vessel supply in 2019. SBX offers an enticing risk/ reward. We find EV more than justified by 2019-21E FCF
Ahead of CMD: Hunting for value in every way
What's new: CMD 17 January Our take: Main topics expected to be 2019 guidance and update on strategy and its asset improvement agenda. Trading at 14% discount to NAV, we reiterate Buy, TP NOK 350/sh.
Unchanged Outlook Warrants Upgrade
What's new: Result preview ahead of 4q18 trading update and upgrade to Buy from Accumulate following soft share performance.Our take: FSest 4q18 EBIT of EUR 217m vs. CS EUR 210-220m range.