We raise our target price to NOK 620 (580), reflecting higher oil and gas price expectations for 2026 and bullish revisions to the post 2030 production profile. We also increase our dividend estimates for 2027–29e to USD 250m annually, as a potential BNOR16 refinancing - likely with less restrictive dividend covenants - appears manageable in the current market environment. While the near- to medium-term dividend outlook remains attractive, we would await a more compelling entry point. The stock ....
