Important year coming up

Tryg AS: 2 directors

Two Directors at Tryg AS sold 65,000 shares at between 149.720DKK and 149.964DKK. The significance rating of the trade was 81/100. 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. T...

Tryg (Buy, TP: DKK185.00) - Earnings momentum still solid

Through both favourable weather and narrowing credit spreads, Q1 PTP was 48% higher YOY. Recent repricing efforts continue to take effect, as seen in a 0.3%-points improved underlying claims ratio YOY, although portfolio rebalancing weighed somewhat on growth. Supported by an outlook for abating motor claims pressure, we continue to find the investment case favourable. Having made limited EPS revisions for 2026–2027e, we reiterate our BUY and DKK185 target price.

Atea (Buy, TP: NOK170.00) - Solid performance

Q1 gross profit and EBIT beat our above-consensus estimates, largely on a higher gross margin offsetting a slightly softer-than-expected top line and more opex than we expected. Furthermore, adjusted for FX losses, underlying earnings were well above our estimate and consensus. In short, we see this setting Atea up to track in line with our above-consensus estimates for 2025–2027 (which we have edged up) as well as multiples expansion. We reiterate our BUY, and have raised our target price to NOK170 (160).

Nordic Semiconductor (Buy, TP: NOK160.00) - Not too bad given tail-end of 55nm

While implied guidance for H1 revenues is ~1–4% below our forecast and consensus, the underlying sequential performance is directionally in line with the broader set of peers to have reported to date. We find this growth and gross margin profile solid, given we are at the tail-end of the life of Nordic’s 10-year-old 55nm technology platform. Combined with the arguably unprecedented level of uncertainty for the company’s customers, we find it achieving a ~50% gross margin and accelerated Cellular IoT momentum while competing with companies manufacturing on process nodes with materially better c...

Hexagon (Buy, TP: SEK115.00) - Q1 results were a clearing event

Hexagon’s Q2e outlook was better than feared after its Q1 profit warning. We see an attractive risk/reward following the recent sell-off amid: 1) the organic sales growth and earnings momentum story unfolding with defensive traits (albeit bruised); 2) the ‘NewCo’ spin-off crystallising values; 3) new leadership starting on Monday, which should appeal to a broader investor base; and 4) an undemanding valuation on absolute and relative bases, near a historical trough. We reiterate our BUY but have cut our target price to SEK115 (137), having lowered our 2025e adj. EPS by 12%.