DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Niklas Wetterling

Kungsleden (Buy, TP: SEK93.00) - In line with our expectations

We reiterate our BUY and SEK93 target price following a Q3 report in line with our expectations – and we view the negative share price reaction to the results as unwarranted. We believe the stock continues to be attractively valued given a lower P/FFO than peers and reasonable leverage, while we still value the shares at a 10% discount to our 2022e NRV forecast.

Håkon Astrup

Storebrand (Buy, TP: NOK70.00) - A step forward

We consider the Q3 report a step forward for Storebrand, with a 13% operating profit beat and a Solvency ratio including transitional rules close to the 180% threshold. Although excess capital distributions are out of the question for now, we have raised our 2021–2022e EPS by 3% and our 2020e DPS to NOK3.3. We reiterate our BUY and NOK70 target price, but continue to highlight the longer-term value potential in Storebrand as it gradually shifts towards high-growth non-guaranteed business.

Alexander Aukner

Grieg Seafood (Buy, TP: NOK110.00) - Bad, but not that bad…

Grieg Seafood issued a profit warning for Q3, with an operational EBIT loss of NOK187m versus our expectations of a NOK157m loss. The shutdown cost of the Isle of Skye increased to NOK150m (NOK100m) and the Newfoundland projects are facing cost overruns. The company has secured waivers from the banks until Q3 2021 and will postpone capex for the post-smolt facility in Newfoundland. We have cut our 2020–2022e EPS by 45.6–6.5% and our target price to NOK110 (130) but reiterate our BUY. The full Q3 report is due at 06:00 CET on 17 November.

Niclas Gehin

Borregaard (Hold, TP: NOK140.00) - Q3 within normal range of volatility

Borregaard (BRG NO, Hold) - Q3 within normal range of volatility (17 pages)

Tomi Railo

FLSmidth (Hold, TP: DKK185.00) - Cautious on deliveries in H2

We have cut our 2020–2022e EPS by c7% on average ahead of the Q3 results (due on 3 November), with no announced orders for Q3 and our more cautious stance on H2e deliveries. As a result, we have cut our target price to DKK185 (195), and reiterate our HOLD.

Niklas Wetterling

Kungsleden (Buy, TP: SEK93.00) - In line with our expectations

We reiterate our BUY and SEK93 target price following a Q3 report in line with our expectations – and we view the negative share price reaction to the results as unwarranted. We believe the stock continues to be attractively valued given a lower P/FFO than peers and reasonable leverage, while we still value the shares at a 10% discount to our 2022e NRV forecast.

Håkon Astrup

Storebrand (Buy, TP: NOK70.00) - A step forward

We consider the Q3 report a step forward for Storebrand, with a 13% operating profit beat and a Solvency ratio including transitional rules close to the 180% threshold. Although excess capital distributions are out of the question for now, we have raised our 2021–2022e EPS by 3% and our 2020e DPS to NOK3.3. We reiterate our BUY and NOK70 target price, but continue to highlight the longer-term value potential in Storebrand as it gradually shifts towards high-growth non-guaranteed business.

Alexander Aukner

Grieg Seafood (Buy, TP: NOK110.00) - Bad, but not that bad…

Grieg Seafood issued a profit warning for Q3, with an operational EBIT loss of NOK187m versus our expectations of a NOK157m loss. The shutdown cost of the Isle of Skye increased to NOK150m (NOK100m) and the Newfoundland projects are facing cost overruns. The company has secured waivers from the banks until Q3 2021 and will postpone capex for the post-smolt facility in Newfoundland. We have cut our 2020–2022e EPS by 45.6–6.5% and our target price to NOK110 (130) but reiterate our BUY. The full Q3 report is due at 06:00 CET on 17 November.

Niclas Gehin

Borregaard (Hold, TP: NOK140.00) - Q3 within normal range of volatility

Borregaard (BRG NO, Hold) - Q3 within normal range of volatility (17 pages)

Tomi Railo

FLSmidth (Hold, TP: DKK185.00) - Cautious on deliveries in H2

We have cut our 2020–2022e EPS by c7% on average ahead of the Q3 results (due on 3 November), with no announced orders for Q3 and our more cautious stance on H2e deliveries. As a result, we have cut our target price to DKK185 (195), and reiterate our HOLD.

Mikael Løkken Gjerding

Refinancing challenges persist

Teekay Offshore Partners LP (TOO US) - Refinancing challenges persist (13 pages)

Martin Børter

May lean on its backlog

Höegh LNG Holdings Ltd (HLNG NO) - May lean on its backlog (11 pages)

Martin Børter

Strong liquidity through a challenging market

Klaveness Ship Holding AS () - Strong liquidity through a challenging market (10 pages)

Martin Børter

New set of risks

Golar LNG Partners LP (GMLP US) - New set of risks (10 pages)

Thomas Larsen

Hold your breath

Seadrill Ltd (SDRL NO) - Hold your breath (7 pages)

FICC Analyst FICC Analyst

Morgenrapport 21. oktober: Smitte øker sjansen for mer QE fra ECB

Morgenrapport 21. oktober: Smitte øker sjansen for mer QE fra ECB (2 pages)

Knut Magnussen

Daily Macro Brief 21 October: US housing starts rose less than expected

Daily Macro Brief 21 October: US housing starts rose less than expected (2 pages)

FICC Analyst FICC Analyst

Veckan i Sverige: Nya förutsättningar kräver ny penningpolitik

Veckan i Sverige: Nya förutsättningar kräver ny penningpolitik (2 pages)

Knut Magnussen

UK Update: Closer to a no-deal Brexit, but not there yet

UK Update: Closer to a no-deal Brexit, but not there yet (2 pages)

FICC Analyst FICC Analyst

Morgenrapport 20.oktober: Kinas økonomi på riktig spor

Morgenrapport 20.oktober: Kinas økonomi på riktig spor (2 pages)

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jimi Lehtonen
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Håkon Astrup ...
  • Joachim Gunell
  • Martin Arnell
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Jon Masdal ...
  • Martin Hoang Nguyen
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin

Northern Lights

Jesper Ingildsen ...
  • Jimi Lehtonen
  • Joachim Gunell
  • Martin Arnell
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin

Potential positive triggers ahead

Christoffer Wang Bjørnsen ...
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

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