Q4e: Preparing for Schenker's blue-chip clients

DSV, 1147 - MAJOR SHAREHOLDER ANNOUNCEMENT

DSV, 1147 - MAJOR SHAREHOLDER ANNOUNCEMENT Company Announcement No. 1147 Pursuant to section 30 of the Danish Capital Markets Act it is hereby announced that BlackRock, Inc. (BlackRock) has informed DSV A/S (DSV) that BlackRock has changed its holding of shares/voting rights and of other financial instruments acc. to section 39(2) of the Danish Capital Markets Act in DSV as follows: Change as of 23 December 2024 BlackRock’s share capital and voting rights in DSVHolding in DSV previouslyHolding in DSV as of 23 December 2024Share capital and voting rights attached to shares in %4.90%5.04%Sh...

Alimak (Hold, TP: SEK130.00) - A gentle goodbye to 2024e

We are 2% above post-Q3 consensus on Q4e sales and 1% above on adj. EBITA, as we forecast an adj. EBITA margin of 17.2% (Q4 2023 15.7%, consensus 17.4%). We expect the company to guide for a construction market rebound not earlier than H2, but that M&A should be a contributor for growth in 2025 (M&A is not in our estimates). Following minor estimates changes, we reiterate our HOLD and SEK130 target price.

Danske Bank (Buy, TP: DKK233.00) - Set for continued solid distributions

Expecting still-solid NII, modest YOY cost inflation and low loan losses, we forecast a Q4 ROE of 11.5%. After having distributed an extraordinary DPS of DKK6.5 in December (following the divestment of its Norwegian retail portfolio), we expect the bank to announce an H2 DPS of DKK8.5, indicating a full-year payout ratio (including buybacks) of ~100%. We have cut our 2025–2026e EPS by ~0–3%, but with the stock trading at 2025e P/E of ~7.5x (adjusted for undistributed dividends for 2024e) and prospects for continued generous capital distributions, we still find the valuation attractive. Thus, w...

Alleima - Initiation of coverage - Multi-year mix story in the making

Alleima is not a traditional steel company, but rather a niche product company manufacturing products from advanced stainless steel. Most of its end-markets are benefiting from structural growth, while its market-leading positions in prioritised end-segments offer superior profitability and above-group average demand growth prospects. Based on a steady mix shift towards prioritised lucrative niches, we estimate a 12% 2024–2030 EBIT CAGR. We find the balance sheet holding net cash and the valuation attractive, and initiate coverage with a BUY and SEK100 target price.