AF Gruppen ASA: 1 director

A director at AF Gruppen ASA sold 40,000 shares at 134.000NOK and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Solid order momentum for the coming quarters

Mixed report - Betonmast margin 4.7%

Hafnia Minor model adjustments

We have updated our estimates owing to the Q3 report and Q4 guidance. Hence, we have raised our 2024e EBITDA by 1%, while we have lowered our 2025–2026e by 2–1%. We continue to be positive on the tanker space, and forecast an 18–19% earnings yield for 2025–2026. Combined with its LTV now being below the 20% threshold for a 90% payout ratio, this should bode well for capital returns through dividends and/or accretive buybacks (we estimate a P/NAV of 0.7x). We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK96 target price.

The weekly navigator

From the past week, we highlight: 1) Kinnevik led a USD130m funding round in Enveda; 2) Latour continues delivering on its M&A agenda; 3) Lundbergs reported Q3 NAV was up 7% QOQ, as the Lundberg sphere tightens its grip on Industrivärden; and 4) we met VEF, following its portfolio company BlackBuck’s recent IPO.

Kindred Group (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Kindred Group following the delisting of the stock after the acquisition by Française des Jeux. Our last published recommendation, target price and estimates should no longer be relied upon.