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.

 

Karl-Johan Bonnevier
  • Karl-Johan Bonnevier
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SECU B Securitas AB Cl...

Securitas (Buy, TP: SEK192.00) - More of the same in Q1e

We expect Q1 to show similar trends to the most recent quarters, but negative FX translation effects (strengthening SEK) still result in cuts to our 2025–2027e EPS of 4–5%. We continue to see a robust transformation case, as the journey towards the 8% profit margin target by end-2025 continues, with our H2 2025e EBITA margin now at 7.8–7.9%. We reiterate our BUY, but have lowered our target price to SEK192 (200).

SECU B SECURITAS AB CLASS B
14h 14h 1 EN
Håkon Astrup
  • Håkon Astrup
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SRBNK SpareBank 1 SR-...
SPOG Sparebanken Ost... ... (+11)

Outlook for continued high rates

Although we continue to expect some margin headwind, the outlook for postponed rate cuts – leaving interest rates at continued high levels – should bode well for sector earnings, further supported by a strong profitability focus and modest loan losses. With the sector trading at an average 2026e P/E of c11.0x, and solid dividend potential, we find the valuation undemanding. We reiterate our positive sector view but highlight a larger share of HOLD recommendations than 12 months ago.

SRBNK SPAREBANK 1 SR-BANK ASA
SPOG SPAREBANKEN OST ASA
SVEG SPAREBANKEN VEST
MORG SPAREBANKEN MORE
SOR SPAREBANKEN SOR
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
HELG SPAREBANK 1 HELGELAND
SPOL SPAREBANK 1 OSTLANDET
DNB DNB ASA
ROGS ROGALAND SPAREBANK
15h / 42m 15h / 42m 1 EN
Joachim Gunell
  • Joachim Gunell
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HEXA B HEXAGON AB

Hexagon (Buy, TP: SEK137.00) - Multifaceted 2025 story unfolding

After recent market volatility, we see upside potential due to: 1) a long-awaited acceleration in organic growth (with defensive traits); 2) earnings momentum translating into YOY adj. EPS growth of 17% in 2025e; 3) the ‘NewCo’ spinoff (c25% of group EBIT) crystallising values; 4) new leadership appealing to a broader international investor base; 5) strong Q4 results that encouraged bulls and de-risked the 2025e case, potentially attracting new investors; and 6) undemanding valuation, in our opi...

16h / 31m 16h / 31m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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SDRL SEADRILL LTD
ODL Odfjell Drillin... ... (+10)

Pemex seeks national partnerships to accelerate developments

In line with its earlier communication about Pemex looking for partners to re-start drilling activities and fight oil production decline, local news reports suggest that Pemex is seeking partnerships for 17 blocks (11 offshore and six onshore) to secure external capital. It is mostly considering local partners and intends to take the role as operator in most of the blocks. At first glance, the expected volume from the partnerships looks to be small, with only 66kbd to be added by year-end 2025. ...

SDRL SEADRILL LTD
ODL ODFJELL DRILLING
RIGN TRANSOCEAN LTD.
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
DDRIL DOLPHIN DRILLING
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
18h / 44m 18h / 44m 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
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CADLR CADELER

Cadeler (Buy, TP: NOK90.00) - Execution today, reward tomorrow

In a market with focus on offshore wind headlines, we believe company-specific factors, such as solid execution and backlog build, will eventually benefit shareholders. We maintain our BUY and NOK90 target price.

03/24/25 March 24, 2025 1 EN

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