EQNR’s Q2 report featured few surprises apart from the strong MMP result, which will be hard to replicate. We make few estimate changes relating to the report itself, but raise our TP to NOK 150 (140) after implementing the temporary Norwegian tax changes, which improve the medium-term FCF outlook. Despite the tax incentives, we struggle to see meaningful upside to EQNR based on 50 and 60 USD/bbl Brent in 2021/22, hence we stick to Hold.
