Ultimovacs (Sell, TP: NOK4.00) - Slower recruitment, FOCUS in focus

Total operating expenses were NOK28.6m, and cash and cash equivalents were NOK220m at end-Q1 (NOK266.6m at end-Q4 2023). The company recently announced initiatives to extend the financial runway to Q4 2025. While data from the fully recruited FOCUS trial is expected in Q3, the number of new recruited patients in the DOVACC and LUNGVAC trials was lower in Q1 versus Q4 2023. We reiterate our SELL and NOK4 target price.

Q1 report: life goes on

Ultimovacs ASA Reports First Quarter 2024 Financial Results and Provides General Business Update

Ultimovacs ASA Reports First Quarter 2024 Financial Results and Provides General Business Update Ultimovacs remains committed to continuing the clinical development strategy and exploring multiple pathways for UV1.The negative INITIUM results have had important consequences for the Company. Implemented cash preservation initiatives extends the anticipated financial runway to the fourth quarter of 2025, beyond the anticipated topline readout of the FOCUS and DOVACC trials. The UV1 vaccine was granted Fast Track designation from the U.S. Food and Drug Administration (FDA) and Orphan Drug desi...

Ultimovacs (Sell, TP: NOK4.00) - Slower recruitment, FOCUS in focus

Total operating expenses were NOK28.6m, and cash and cash equivalents were NOK220m at end-Q1 (NOK266.6m at end-Q4 2023). The company recently announced initiatives to extend the financial runway to Q4 2025. While data from the fully recruited FOCUS trial is expected in Q3, the number of new recruited patients in the DOVACC and LUNGVAC trials was lower in Q1 versus Q4 2023. We reiterate our SELL and NOK4 target price.

Loomis (Buy, TP: SEK425.00) - US strength, Euro weakness

Q1 saw still-strong organic growth, with improving US earnings leverage but still-weak European, and Loomis building further financial capacity, even as it executes on its share buyback programme. We have tweaked our forecasts, still viewing Loomis as a well-financed roll-up case, with the resources to drive sector consolidation and shareholder-friendly capital allocation, with its share buyback ambition renewed (SEK200m) for Q2. We reiterate our BUY and SEK425 target price.

Bravida (Buy, TP: SEK97.00) - Quality discount an opportunity

Bravida’s Q1 was mixed, with EBIT down 21% YOY, but still-solid order intake and FCF generation. While the Region Skåne governance failure seems to have been handled properly, we believe Bravida needs to rebuild its quality brand name. We still see a normalisation of the current valuation discount, and reiterate our BUY and SEK97 target price.