Norsk Hydro (Sell, TP: NOK55.00) - Q1 shipments delayed to Q2

Norsk Hydro’s Q1 results fell somewhat short of market expectations (EBITDA 4% below consensus) and it cut its Extrusions guidance. A large share of the miss appears to reflect late shipments in the bauxite and alumina (B&A) segment following heavy rainfall, which should mean higher volumes in Q2. We have made only minor changes (-1–0%) to our 2026–2027e EPS. We continue to see downside risk to aluminium prices, and reiterate our SELL and NOK55 target price.

Muted estimate changes

Weak deliveries and higher cost

ChemoMetec (Buy, TP: DKK640.00) - Likely solid Q3 but no pre-release

We previously expected ChemoMetec to have raised its full-year guidance ahead of the Q3 results, but assume the weaking USD and greater uncertainty from tariffs led it to refrain. We still expect a solid Q3, helped by new product launches, while in general we expect tariffs to have minimal effect on its costs, considering its location of production and high gross margin. We reiterate our BUY, but have lowered our target price to DKK640 (675).

TGS (Buy, TP: NOK110.00) - Exposed to spending cuts

We maintain our positive view on TGS; however, we have cut our 2025–2026e FCF by 20%, as we believe oil companies’ capex cuts could have a meaningful impact on seismic spending and TGS’s revenues. That said, near-term FCF should be supported by self-help elements from the PGS merger, and we find decent valuation support, with the stock trading at a ~15% FCF yield and ~9% dividend yield on 2025e. We reiterate our BUY, but have cut our target price to NOK110 (140).

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly