Heads-up for report 7 May

Schibsted ASA: 1 director

A director at Schibsted ASA bought 1,750 shares at 277.800NOK and the significance rating of the trade was 51/100. 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...

Confidence hit

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