Orkla ASA

Orkla is a consumer goods company in the Nordic and Baltic regions. The Branded Consumer Goods area comprises five business areas: Orkla Foods, Orkla Confectionery and Snacks, Orkla Home and Personal, Orkla International and Orkla Food Ingredients. Co.'s other businesses consist of Granges, a supplier of solutions for the heat exchanger industry; Hydro Power, which produces and supplies power to the Nordic power market; and Orkla Financial Investment, which consists of Orkla Eiendom; in addition to its investments in Sapa (JV), which is engaged in extruded aluminium solutions; and Jotun AS, which is a manufacturer of paint and powder coatings.
  • TickerORK
  • ISINNO0003733800
  • ExchangeOslo Bors
  • SectorFood Producers
  • CountryNorway
Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Joachim Gunell
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Ole Martin Westgaard

Orkla (Hold, TP: NOK85.00) - Positive margin surprise

The Q2 results surprised positively, with BCG margins up YOY despite negative organic growth; however, we believe much of the margin gain was explained by temporary cost cuts, and we have made only minor estimate changes. We reiterate our NOK85 target price, with Orkla trading at a 15% discount to our SOTP, in line with the historical average. Our recommendation remains HOLD.

Aksel Øverland Engebakken ...
  • Petter Nystrøm

Orkla - Q3e: Sales set to improve

Q2: 16% EBIT growth for Brands boosted by margins Q3e: Sales set to improve and price hikes to lift margins ’21e EPS up 1%. Discount close to all-time high. BUY

Ole Martin Westgaard

Orkla (Hold, TP: NOK85.00) - Q2 above on higher margins

We consider this a neutral to slightly positive report for Orkla, with better than expected Q2 results, but revised long-term guidance on the back of Covid-19. We expect c2% positive revisions to consensus 2020 EBIT, but only minor changes to 2021 as the lowered long-term guidance is already reflected in estimates. We believe a slightly positive share price reaction is warranted.

Niklas Wetterling ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Ole Martin Westgaard

Orkla (Hold, TP: NOK85.00) - Positive margin surprise

The Q2 results surprised positively, with BCG margins up YOY despite negative organic growth; however, we believe much of the margin gain was explained by temporary cost cuts, and we have made only minor estimate changes. We reiterate our NOK85 target price, with Orkla trading at a 15% discount to our SOTP, in line with the historical average. Our recommendation remains HOLD.

Aksel Øverland Engebakken ...
  • Petter Nystrøm

Orkla - Q3e: Sales set to improve

Q2: 16% EBIT growth for Brands boosted by margins Q3e: Sales set to improve and price hikes to lift margins ’21e EPS up 1%. Discount close to all-time high. BUY

Ole Martin Westgaard

Orkla (Hold, TP: NOK85.00) - Q2 above on higher margins

We consider this a neutral to slightly positive report for Orkla, with better than expected Q2 results, but revised long-term guidance on the back of Covid-19. We expect c2% positive revisions to consensus 2020 EBIT, but only minor changes to 2021 as the lowered long-term guidance is already reflected in estimates. We believe a slightly positive share price reaction is warranted.

Aksel Øverland Engebakken ...
  • Petter Nystrøm

Orkla - 12% EBIT beat for Brands

Brands 12% better on higher margin (sales in-line) Margin target re-confirmed. Price hikes will lift Q3 Cons to lift estm ~3%. Stock set to outperformed

Ole Martin Westgaard

Orkla (Hold, TP: NOK85.00) - Cautious ahead of Q2

We are cautious ahead of Orkla’s Q2 results (due at 07:00 CET on 13 July), and expect earnings to miss consensus as a result of lower organic growth and margins than expected. We reiterate our HOLD as we find the valuation fair, but have lowered our target price to NOK85 (89) on small negative estimate revisions.

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Joachim Gunell
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Niklas Wetterling ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Nicolay Dyvik ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • David Martinsson
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Eventful start to 2020

Alexander Aukner ...
  • Håkon Astrup
  • Jon Masdal
  • Martin Hoang Nguyen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

ORKLA ASA sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ORKLA ASA (NO), active in the Food Products industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date May 8, 2020, the closing price was NOK 84.86 and its target price was estimated at NOK 80.57.

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)

Orkla – AGM 16 April 2020

In general, Orkla is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.   Under ITEM 8.4 the nomination committee proposes to re-appoint Ms. Liselott Kilaas as Member of the board of directors. Ms. Kilaas is NOT considered independent as she is a representative of major shareholder, Folketrygdfondet. ECGS furthermore has concerns over her aggregate time commitments. Ms. Kilaas is serving as non-executive director of Norsk Hydro ASA, Orkla ASA, Nobina AB, Peab AB, Ambea AB (all listed) and DNV GL (substantial non-listed company), which exceeds...

Expert Corporate Governance Service (ECGS)

Orkla ASA - AGM 25 April 2019

In general, Orkla is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 3.2, 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. Undet ITEM 3.3, the board of directors seeks approval of a revised LT incentive plan. Although ECGS welcomes the introduction of performance conditions under the plan, the conditions applicable remain undisclosed. ECGS therefore recommends to vote OPPOSE. Fi...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 20/04/2017

In general, Orkla is in compliance with the Norwegian regulations relating to theorganisation and procedures of the AGM.Under ITEMS 3.2, 3.3 and 5.2, the Board of Directors seeks approval for the Company's remuneration guidelines and a share-related incentive arrangement. Since we have various concerns with regard to the Company's executive remuneration package in general and the proposed share-related incentive arrangement in specific, we recommend opposition.Under ITEM 6.3, it is proposed to re-elect Ms. Ingrid Jonasson Blank as member of the Board of Directors. In light of our concerns over...

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