This is our first report on an international energy major, Equinor. The company delivered a mixed operational performance for the fourth quarter with below-par revenues but managed an earnings beat. Its adjusted earnings were $75 billion, while its net operating income was $79 billion. Equinor improved security for its assets and cyberspace by enforcing tougher security rules, providing more training, and collaborating more closely with law enforcement. Also, they have activated Hywind Tampen, a floating wind farm, on NCS. Besides that, they progressed on their CO2 transit and storage project for decarbonization. Triton Power produced impressive results in MMP. Furthermore, the management maintained their profitable and controlled growth in Renewables. Equinor’s lease in California exemplifies the company’s capacity to prioritize value over volume. The company anticipates advancing the transition to a low-carbon future while providing the necessary energy. We initiate coverage on the stock of Equinor ADR with a ‘Buy’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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