In this update, we incorporate our previously revised Brent forecast for Q3-Q4, which results in modest estimate reductions and brings our FY’25e projections in line with consensus. Considering this, along with the strengthening of NOK vs. USD, we trim our TP to NOK 34 (42) (set at P/core NAV 0.85x, reflecting a general sector discount). That said, we find the current entry point at 23 NOK/sh highly attractive. In a flat USD 70/bbl Brent scenario, PEN is set to generate cumulative FCF by YE’27 e ....
