Equinor: Økt fortjeneste gir 194 kr virkelig verdi

AKSJE: Økt kostnadseffektivitet og utvidelse i Brasil bidrar til å øke Equinors lønnsomhet. Avhengigheten av fremtidige oljepriser er høy, men med forutsetning om langsiktig Brent til 60 dollar, setter Morningstars analytiker en verdi på 194 kroner per aksje.

Morningstar Equity Analysts 04.06.2020 | 9:03

Like peers, Equinor has focused on cost-cutting in recent years to adapt its portfolio to the lower oil price environment. Its efforts have largely paid off as a host of operational efficiency improvement projects have reduced dividend break-even levels to $40/barrel Brent, according to our estimates.

Equinor expects further improvement in returns and cash flow generation as its major project startups slated between 2019 and 2026 collectively break even at $30/bbl oil while delivering 3% compound annual volume growth and a return on capital of 15% in 2023.

The Norwegian Continental Shelf, where Equinor has a wealth of operating experience, remains central to the company's strategy. Successful cost reductions of existing projects along with recent discoveries like the prolific and low-cost Johan Sverdrup (upward of 3 billion barrels of oil equivalent) have left Equinor with a large queue of low break-even, high-return projects to drive the bulk of its growth. Furthermore, it continues to improve recoveries from existing assets while maintaining a deep exploration opportunity set that should allow it to capitalize on existing infrastructure to add future volumes at low cost.

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Morningstar Equity Analysts  Morningstar stock and fund analysts cover 2,000 mutual funds, 2,100 equities, and 300 exchange-traded funds.

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