We have raised our Q1/20 estimates marginally in this preview, while our FY/20 and FY/21 estimates are up by ~ 11% as lower gas prices and favourable FX assumptions more than offset lower price assumptions. Although uncertainty is high, we believe the Qafco divestment increases the likelihood for the proposed dividend payment this spring. We upgrade the stock to Buy (Hold) while reiterate our NOK 400 target price.
22 Mar 2020
Improved risk/reward, up to Buy
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Improved risk/reward, up to Buy
We have raised our Q1/20 estimates marginally in this preview, while our FY/20 and FY/21 estimates are up by ~ 11% as lower gas prices and favourable FX assumptions more than offset lower price assumptions. Although uncertainty is high, we believe the Qafco divestment increases the likelihood for the proposed dividend payment this spring. We upgrade the stock to Buy (Hold) while reiterate our NOK 400 target price.