Norsk Hydro ASA

Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.
  • TickerNHY
  • ISINNO0005052605
  • ExchangeOslo Bors
  • SectorIndustrial Metals & Mining
  • CountryNorway
Mattias Holmberg ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Viktor Trollsten

Northern Lights

Anders Idborg ...
  • Bengt Jonassen
  • Peter Kurt Nielsen

Talking Points - ABB Ltd (Hold): A foretaste of what ABB wants to be

EBITA ’20 +10%, EBITA ’21-22 +3% Lower risk + buybacks = valuation overshooting OK

Niclas Gehin

Norsk Hydro (Buy, TP: NOK31.00) - Lower top line, but also lower costs

While Q2 revenues just missed consensus, underlying earnings were well above, led by the upstream Bauxite & Alumina segment, in part due to lower fuel costs than we and the market forecast. However, this was offset by NOK2bn in impairments due to lower growth prospects in the downstream aluminium divisions. We have made minimal changes to our 2021–2022e EPS, as the small uplift from the Q2 results is offset by the NOK strengthening against the USD since our last update. We reiterate our BUY and NOK31 target price, as we continue to find the stock attractively valued at a 2021e EV/EBITDA of 4.7...

Bengt Jonassen ...
  • Martin Melbye

Hydro - Another large earnings beat

Q2 was better on lower raw material costs Estimates up for 2020-2021 We think the structure must change

Bengt Jonassen ...
  • Martin Melbye

Hydro - The good and the bad

Underlying EBIT NOK 949m vs. cons at NOK 476m NOK 1.8bn impairment hurt reported EBIT Broadly unchanged market outlook

Norsk Hydro ASA: 1 director bought

A director at Norsk Hydro ASA bought 10,000 shares at 29.050NOK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Anders Idborg ...
  • Bengt Jonassen
  • Peter Kurt Nielsen

Talking Points - ABB Ltd (Hold): A foretaste of what ABB wants to be

EBITA ’20 +10%, EBITA ’21-22 +3% Lower risk + buybacks = valuation overshooting OK

Niclas Gehin

Norsk Hydro (Buy, TP: NOK31.00) - Lower top line, but also lower costs

While Q2 revenues just missed consensus, underlying earnings were well above, led by the upstream Bauxite & Alumina segment, in part due to lower fuel costs than we and the market forecast. However, this was offset by NOK2bn in impairments due to lower growth prospects in the downstream aluminium divisions. We have made minimal changes to our 2021–2022e EPS, as the small uplift from the Q2 results is offset by the NOK strengthening against the USD since our last update. We reiterate our BUY and NOK31 target price, as we continue to find the stock attractively valued at a 2021e EV/EBITDA of 4.7...

Bengt Jonassen ...
  • Martin Melbye

Hydro - Another large earnings beat

Q2 was better on lower raw material costs Estimates up for 2020-2021 We think the structure must change

Bengt Jonassen ...
  • Martin Melbye

Hydro - The good and the bad

Underlying EBIT NOK 949m vs. cons at NOK 476m NOK 1.8bn impairment hurt reported EBIT Broadly unchanged market outlook

Niclas Gehin

Norsk Hydro (Buy, TP: NOK31.00) - Q2 set to be the trough

We forecast Q2 EBITDA of NOK2,630m (results due at 07:00 CET on 22 July), reflecting below-average volumes and the decline in aluminium prices, partly offset by reduced energy costs. We have cut our 2021e EBITDA by 13% as a result of the lower aluminium prices and ‘housekeeping’ estimate changes. We continue to find Hydro attractively valued at a 2021e EV/EBITDA of 4.6x, and reiterate our BUY while we have trimmed our target price to NOK31 (32).

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 24/10/2019 - Intrum, Ford - FR

Intrum (Achat) - 9M-19 : EBIT de SEK4,2 mds (€391m, +41,1%) Ford (Achat) : Abaisse ses perspectives pour 2019 Scor (Achat) - 9M-19 : Primes brutes de €12,1 mds (+3,2% à tcc) SEB (Achat) - 9M-19 : Résultat d’exploitation de SEK17,8 mds (€1,7 md, +4,8%) Constellium (Achat) : Revoit à la baisse ses objectifs 2019 Edenred (Achat) : Vise une croissance organique d’EBITDA >10% jusqu’à 2022 Europcar (Vente vs Achat) : Abaisse ses perspectives pour 2019 Schmolz + Bickenbach : Prévoit une augmentation de capital de CHF189m à CHF350m ...

Mattias Holmberg ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin
  • Viktor Trollsten

Northern Lights

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jørgen Lian
  • Nicolay Dyvik
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

NORSK HYDRO ASA with less fundamental stars is reduced to Neutral

NORSK HYDRO ASA (NO), a company active in the Aluminium industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date June 19, 2020, the closing price was NOK 26.80 and its expected value was estimated at NOK 24.91.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Norsk Hydro – AGM 11 May 2020

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.   In general, Norsk Hydro ("Hydro") is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.   Under ITEM 7.1 the board of directors seeks approval of the Company's remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE.   Under ITEM 7.2 approval is sought of the guidelines for share-related incent...

Expert Corporate Governance Service (ECGS)

Norsk Hydro - AGM 07 May 2019

In general, Norsk Hydro ("Hydro") is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 6.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 6.2, the board of directors seeks approval of a share-based incentive plan. In view of the low level of transparency, specifically regarding the performance conditions applicable to the incentive plan, ECGS recommends to vote OPPOSE. ...

Norsk hydro – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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