DnB Markets

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DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Johannes Grunselius
  • Johannes Grunselius
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METSB Metsa Board Oyj...

Metsa Board (Buy, TP: EUR11.00) - Scope for a revaluation

With ample evidence of improved demand for paper board and a better price outlook for market pulp, we believe earnings headwind has now turned into a tailwind. We also expect earnings to be driven by incremental volumes after capacity expansions at existing mills. After ambitious investments over the past three years, the company’s paper board capacity is up c25%, while its net long pulp position has increased by close to 30%. We have upgraded to BUY (HOLD) and raised our target price to EUR11 (...

METSB METSA BOARD OYJ CLASS B
05/17/24 May 17, 2024 1 EN
Patrik Ling
  • Patrik Ling
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BIOA B BIOARCTIC AB

BioArctic (Buy, TP: SEK350.00) - Limited news on EU approval

The Q1 report was in line with expectations, with a small beat on the operating loss. The cash position at end-Q1 was nearly SEK1bn. There was limited news on the delayed EU approval (waiting on a SAG meeting). Eisai recently guided for Leqembi sales of JPY56.5bn (year to March 2025), implying royalties to BioArctic of cSEK360m. We reiterate our BUY and SEK350 target price.

05/17/24 May 17, 2024 1 EN
Jonatan Andersson
  • Jonatan Andersson
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SUS Surgical Scienc...

Surgical Science (Buy, TP: SEK230.00) - Weaker than expected start to ...

The weak Q1 results, with sales and adj. EBIT below our estimates, were largely due to a significant slowdown in Educational products. We have marginally revised our 2024–2026e on the strong management outlook for 2024, and reiterate our BUY and SEK230 target price. We believe the weak share price reaction on the report presents an opportunity for long-term investors.

SUS SURGICAL SCIENCE
05/17/24 May 17, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
BMK BENCHMARK HOLDINGS
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
05/16/24 May 16, 2024 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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SDRL SEADRILL LTD
ODL Odfjell Drillin... ... (+10)

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

SDRL SEADRILL LTD
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
05/16/24 May 16, 2024 1 EN

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