Citi thinks Equinor's Capital Markets Day on Feb. 7 will see the market look to reassess the increasing maturity of the company's core oil and gas business, with volume declines of 1%-5% a year in this business looking likely from 2026, analyst Alastair Syme writes.
This reassessment could happen in conjunction with a period of uncertainty for the shares as the company signals its intentions to accelerate diversification into renewable energy and low-carbon solutions. The market could look to apply a more substantial discount on the company's valuation multiple, the bank says.
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