Q4: EBIT 23% above on LSG beat and better pelagics

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Oncoinvent (Buy, TP: NOK2.70) - Recruitment is key

Oncoinvent announced completed inclusion of the initial safety lead-in in the RAD-18-003 trial. However, (as planned) it was based on just six patients. Management said it expects the pace of recruitment to pick up sharply following completion of the safety lead-in, the trial proceeding to the randomised part and more sites being opened. We also believe recruitment will accelerate, albeit far slower than the guidance, and that the pace to date has increased investor uncertainty. We have therefore adjusted our WACC from 10% to 10.5% and cut our target price to NOK2.7 (3.5), but given the signif...

Petrobras claim to drilling contractors related to Sete project

Seadrill said on its earnings call that it recently had received a claim of USD213m from Petrobras related to its involvement in the Sete project in Brazil. Sete was launched in 2011, looking to build 29 deepwater rigs in Brazil, with involvement from several drilling contractors; Seadrill, Odfjell Drilling, Queiroz Galvao (now Constellation), Odebrecht (now Foresea), Petroserv (now Ventura Offshore) and Etesco. Seadrill said local and international peers have received similar claims. It further said that Petrobras might offset the claim against future earnings on its rigs in Brazil. Going for...

The weekly navigator

From the past week, we highlight: 1) we see Q1 tailwinds for VEF after the sharp decline in its NAV in Q4; 2) Kinnevik peer multiples have seen healthy progress YTD, we believe setting the stage for further NAV growth in 2025; 3) Byggmästaren reported its Q4 NAV; and 4) following the Q4 reporting season, we note Svolder’s sector-leading 10-year DPS CAGR of ~20%, underpinned by a 10-year NAV CAGR of 18%.