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.

 

Johannes Grunselius
  • Johannes Grunselius
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BOL BOLIDEN AB

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Despite low mining volumes, the Q1 results were close to our expectations, thanks to good cost control. We have made significant estimate increases on better metal price and FX assumptions, and beyond 2024 we continue to see additional earnings support from: 1) higher mining volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda smelter. Our spot-based estimates for 2027 translate to an EV/EBIT of 5.2x, but we see significant upside potential t...

20h / 29m 20h / 29m 1 EN
Douglas Lindahl
  • Douglas Lindahl
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BEIJ B BEIJER REF AB

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

We have increased our cash flow estimates but have made moderate underlying forecast changes after the Q1 report. Inclusion of recent M&A and updated FX has led us to raise our adj. EBITA by c3% on average for 2024–2026e. We have raised our target price to SEK156 (152) due to our model changes and updated peer multiples. We reiterate our HOLD and see limited upside potential given the valuation seems on the high side.

23h / 7m 23h / 7m 1 EN
Mattias Holmberg
  • Mattias Holmberg
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EPI A EPIROC AB

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Similar to Sandvik’s Mining business, the main miss in Epiroc’s Q1 was the soft margin, albeit for different reasons. Sandvik pointed to the unfavourable timing of equipment deliveries, while Epiroc alluded to a pure mix issue (high share of equipment, low share of service). Only small benefits from Epiroc’s cost measures have started to show – we expect more to be gradually realised through 2024. We have trimmed our 2024–2026e adj. EBIT by 1% on average. We reiterate our BUY, but have lowered o...

23h / 55m 23h / 55m 1 EN
Steffen Evjen
  • Steffen Evjen
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VAR VÅR ENERGI

Vår Energi (Buy, TP: NOK40.00) - Jotun FPSO sail-away in focus

Q1 was in line with our expectations and consensus. Over the next months, we believe investor focus will remain on the Balder X development and the August sail-away schedule for the Jotun FPSO, a pre-requisite for production start in Q4 this year. Our estimates reflect start-up in late-2024, but based on our investor discussions, most seem to factor in the FPSO not reaching the August sail-away deadline and start-up being delayed until end-Q2 2025. We view the risk/reward as attractive should Ba...

04/23/24 April 23, 2024 1 EN
Mads Brinkmann Andersen
  • Mads Brinkmann Andersen
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ISS ISS A/S

ISS (Buy, TP: DKK171.00) - Q1 looking good, but not key focus

We expect another solid organic growth quarter, again mainly driven by pricing – but for investor focus to be on any further detail on the ongoing Deutsche Telekom (DTAG) arbitration, and comments on FCF and the EBITA margin. We reiterate our BUY and DKK171 target price.

04/23/24 April 23, 2024 1 EN

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