Arctic: Odfjell Technology - Well Services Driving Earnings Growth

研报英文原文证据摘录

Arctic: Odfjell Technology - Well Services Driving Earnings Growth

Odfjell Technology Buy Hold

OTL NO | Other Energy | Equity Company Update | 18 May 2026 | 07:30 Sell

Well Services Driving Earnings Growth Financials and estimates changes Target NOK 85.00 (75.00)

After a slowdown in revenue growth and margin contraction in 2025, we expect inorganic Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

growth will be the main growth driver for OTL in 2026. The Well Services division is expected Recommendation Buy

Revenue 5,426.9 5,533.4 5,869.7 6,091.7 6,192.8 Target Price NOK 85.00

to be the main earnings growth engine, driving both topline growth and margin expansion in (75.00) EBITDA 824.7 800.5 903.3 1,040.5 1,073.4

Share Price NOK 64the forecast period. Following the self-imposed dividend pause for this and the next quarter, EBIT 490.3 510.8 551.1 688.5 721.4

32.8we expect the quarterly dividend to be reinstated in H2’26 and dividends to increase in EPS 6.44 8.31 8.41 11.31 12.00 Upside (%)

2027-28, driven by higher earnings. Our TP of NOK 85 (NOK 75) implies a 2027e PER of 7.5x Adj. EBITDA 824.7 800.5 903.3 1,040.5 1,073.4 Market cap (NOKm) 2,496

and 14% FCF yield, while our DPS estimate implies an 8% dividend yield. Buy. Adj. EBITDA margin (%) 15.2 14.5 15.4 17.1 17.3 Enterprise Value (NOKm) 3,346

Number of shares (m) 39 Revenue growth (%) 8.1 2.0 6.1 3.8 1.7

Margin expansion in focus

EPS growth (%) (26.1) 29.0 1.3 34.4 6.1 12 months share price performance:

In Q1’26 Kaseum & Razor were consolidated for 23 days, with revenue of ~NOK 22m and EBITDA

(%) 3M 6M 1Y

NO 9.7% 18.0% 69.6%of ~NOK 11m, corresponding to ~50% EBITDA margin, and implying ~28% for the legacy Well DPS 5.07 6.08 3.60 7.20 7.60 95 PerformanceOTLOSEBX 7.4% 15.5% 52.6%