Following a weak three-month period for the EQNR share, its valuation is screening attractive. In our base case (USD 50/bbl Brent in ’21, USD 60/bbl thereafter) the E&P division more than supports the current share price on our 2021/22 estimates, and in addition, the renewables unit contributes an additional ~30 NOK/sh. The increase in TP to NOK 160 (150) is driven by some minor positive estimate revisions and more tangible information on the renewables business.
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Screening more favourable
Following a weak three-month period for the EQNR share, its valuation is screening attractive. In our base case (USD 50/bbl Brent in ’21, USD 60/bbl thereafter) the E&P division more than supports the current share price on our 2021/22 estimates, and in addition, the renewables unit contributes an additional ~30 NOK/sh. The increase in TP to NOK 160 (150) is driven by some minor positive estimate revisions and more tangible information on the renewables business.