ABGSC Shipping Daily 7 January

Golar Acquires All Outstanding Minority Interests in the FLNG Hilli

Golar Acquires All Outstanding Minority Interests in the FLNG Hilli Golar LNG Limited ("Golar" or "the Company") is pleased to announce that the company has acquired Seatrium’s and Black & Veatch’s minority ownership interests in the FLNG Hilli. The acquisitions comprise all third-party interests in the asset, including a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction is equivalent to ~8% of the full FLNG capacity. The total consideration for the acquisitions is $90.2 million, of which $59.9m is in equity and $30.3 million is a pro-rata share ...

Estimates down on updated FLNG schedules

Gimi COD delayed from Q1 to Q2'25. Estimates down on updated Hilli and Gimi schedules. TP USD 48 (50) – Reiterate BUY

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.