Norsk Hydro reported Q3/20 results well ahead of expectations, mainly due to strong results from its Extruded Solutions segment. Outlook has improved, and we have raised our estimates by some 50% for 2020 – 2022. The company is set to benefit from an improved energy contract, as well as CO2 compensation (not yet factored into our estimates) from 2021. We stick to our Buy rating while raising our target price to NOK 35 (30).
25 Oct 2020
Earnings beat and improved outlook
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Earnings beat and improved outlook
Norsk Hydro ASA (NHY:OSL) | 0 0 0.0%
- Published:
25 Oct 2020 -
Author:
Thomas Lorck | Axel Jacobsen -
Pages:
11
Norsk Hydro reported Q3/20 results well ahead of expectations, mainly due to strong results from its Extruded Solutions segment. Outlook has improved, and we have raised our estimates by some 50% for 2020 – 2022. The company is set to benefit from an improved energy contract, as well as CO2 compensation (not yet factored into our estimates) from 2021. We stick to our Buy rating while raising our target price to NOK 35 (30).