We lower our TP to NOK 48 (55) after implementing the negative Balder-X update and lower gas prices. Following last week’s trading update, we now expect a Q3’22 EBIT of USD 1,804m vs. USD 2,058m previously, as production came in below in addition to an underlift. For 2023/24, we lower our EBITDA estimates by ~20% and are somewhat below cons. That said, we continue to see positive risk/reward with USD 65-75/bbl now being discounted in the share.
