Offshore

delta
01.08.2018 kl 10:28 26735

Ikke så lett å vite hvorfor ODL ligger godt under emisjonskurs, nei. Alle 10 hus som har dekning på ODL, har kjøpsanbefaling med kursmål i intervallet kr. 40 (DnB) til kr. 50 (Sparebank1) med mediankursmål kr. 47. Pareto med kursmål kr. 48 viderefører i dag ODL i sin månedsportefølje, nå for august (HSHE= high spec harsh environment):

ODL – BUY, TP NOK 48
After the acquisition of its fourth HSHE semi Deepsea Nordkapp, Odfjell has cemented its position as one of the leading owners of
these high spec rigs. With a two year contract with Aker BP lined up at a minimum dayrate of USD 336k/day, the company has taken
the market recovery to the next level, and we expect further tightening as activity in the North Sea continues to increase. With a
strong balance sheet and backlog at profitable levels well into 2020 for the majority of the fleet ODL will reduce leverage and be in a
very comfortable position come 2019/20. We remain positive to the outlook for HSHE rigs and expect ODL to continue to benefit
from this. Despite further supportive data points – such as supportive fixtures for peers and added backlog to the Deepsea Bergen –
ODL equity has been trading down with the sector this month. With a continued flow of positive datapoints that support a harsh
environment recovery, and a solid cash generating backlog until further tightness kicks in, we do not find support for the ~7% share
price decrease this month.
Redigert 01.08.2018 kl 10:29

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