(Finansavisen.en): After large price gains of 25 per cent year-to-date, the market value of the Equinor come up in the 733 billion. It is almost three times as large as the country’s second most valuable listed company – DNB.
Higher oil prices at the same time as the company has used oljenedturen to cut costs, do Equinor a very profitable company, according to Finansavisen.
In the first half of the year was the operating profit amounted to 8.8 billion dollars, equivalent to 71 billion with the current dollar rate.
the Consensus among analysts is that net operating income will end the year of 19.6 billion dollars, and top out at 21,2 billion next year before sliding back in 2020 and 2021.
“Way off”
With the current market value priced company to 13.4 times estimated earnings in the year and 11,7 times estimated earnings in 2019, and about twice the book value, writes the newspaper.
Konsensusestimatene is too low and the stock is too cheap, think on the other hand Pareto Securities. Tuesday oppjusterte brokers kursmålet from 260 million to 300 million, and repeated kjøpsanbefalingen.
In the update, write the analysts that the consensus is “way off”.
“With 25-40 per cent upside to the expectations from the consensus in 2019 and 2020, we believe the market still has not realized how much superprofitt to be harvested in the years ahead. This will exceed everything we have seen, before the industry at one time or another is likely to repeat previous blunders. But before that, have Equinor enough room to increase the dividend level to shareholders and make acquisitions to accelerate its organic growth to near 6 percent a year up to 2020”, write the analysts Tom Erik Kristiansen and Johan Spetz, according to Finansavisen.
Kursmålet of 300 million is based on today’s oil price of around 80 dollars the barrel stays forward towards 2020. It is the highest kursmålet among the 32 brokers covering the company.
Milestone
“Kursmålet is well above historical levels and the current direct yield of 3.0 per cent. Despite the fact that the exchange rate is at record high levels, we believe that Equinor still low-priced when looking at the outlook for the free cash flow, growth and profitability of new investments. Our estimates for adjusted earnings in 2019 and 2020 is up 8 per cent on average when we raise the outlook for european gas prices to reflect the current fremtidspriser”, called it in the update.
If the Pareto gets right about Equinor-share price, it is the first time a Norwegian company passing the one trillion dollars in market value. 300 million times 3.339 million shares gives a canlı casino value of 1.001.700.000.000 money, writes Finansavisen.
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