DnB Markets

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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.

 

Ebba Bjorklid
  • Ebba Bjorklid
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EPRO B Electrolux Prof...

Electrolux Professional (Hold, TP: SEK75.00) - Q4 looks set to be a re...

We expect broadly similar market and divisional dynamics QOQ in Q4, but are less optimistic on growth in the US Food & Beverage segment (we now see the recovery materialising slightly later than initially envisaged). We forecast 6.0% growth YOY in group sales in Q4 and an adj. EBITA margin of 12.3%. We reiterate our HOLD, but have lowered our target price to SEK75 (79) based on our view of a delayed US Food & Beverage recovery as well as continued headwinds in the Middle East into 2025.

EPRO B ELECTROLUX PROFESSIONAL
9h / 42m 9h / 42m 1 EN
Ebba Bjorklid
  • Ebba Bjorklid
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ELUX B Electrolux AB C...

Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high

In Q4, we forecast similar demand and market dynamics to Q3, with consumer downtrading, elevated promotional activity, a negative mix, price pressure, and weak consumer demand weighing on sales and EBIT. We expect a sales decline of 1.6% YOY (organic growth of 2.6%) and an adj. EBIT margin of 3.2%. We reiterate our HOLD, but have cut our target price to SEK92 (94).

ELUX B ELECTROLUX AB CLASS B
10h / 41m 10h / 41m 1 EN
Rune Majlund Dahl
  • Rune Majlund Dahl
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NOVO B Novo Nordisk A/...

Novo Nordisk (Buy, TP: DKK1040.00) - Disappointing CagriSema data

In REDEFINE-1, CagriSema reached a 22.7% product estimand weight loss, shy of expectations. We expect a launch in 2026, but have lowered our estimate of its sales potential. In our view, the flexible protocol affected efficacy, prompting Novo Nordisk to initiate a new phase III trial in 2025. We reiterate our BUY, but have cut our target price to DKK1,040 (1,150).

NOVO B NOVO NORDISK A/S CLASS B
12/20/24 December 20, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
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SALM SALMAR ASA

SalMar (Buy, TP: NOK690.00) - Below consensus for Q4e

Our below-consensus trend continues, having adjusted Q4e for a lower spot price. We estimate operating EBIT of NOK1,276m, ~22% below consensus of NOK1,627m. While we have reduced our price forecasts, we have raised the superior share and the margin in VAP and Sales. We reiterate our BUY and NOK690 target price. The Q4 results are due at 06:30 CET on 18 February.

12/20/24 December 20, 2024 1 EN
Alexander Aukner
  • Alexander Aukner
BMK BENCHMARK HOLDINGS
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
12/20/24 December 20, 2024 1 EN

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