Fjord1 AS: 1 director

A director at Fjord1 AS bought 11,871,756 shares at 51.997NOK and the significance rating of the trade was 71/100. 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...

Fjord1 (Hold, TP: NOK40.00) - Treading water

With a backlog above NOK22bn in its key Ferry segment (home to c95% of EBITDA), Fjord 1 stands out as a defensive holding. However, near-term amendments to covenants are needed to bridge the impact of delayed payments for infrastructure and weak results from the Tourism segment and Widerøe. We reiterate our HOLD and NOK40 target price.

Northern Lights

Elkem (Hold, TP: NOK20.00) - Muddling through

Q1 EBITDA was largely in line with our forecast and consensus, while EPS took a hit from derivative losses. We have reduced our 2025–2026e EPS by 6% and our target price to NOK20 (22). Although the balance sheet looks fragile at a NIBD/EBITDA of 3.5x and ICR of 4.2x, we believe higher silicon prices should pull it into healthier territories from Q2. However, we have cut our 2024–2025e DPS to zero. We reiterate our HOLD as we expect the silicones market to continue to struggle with overcapacity, while silicon prices likely remain at current levels and carbon prices come down somewhat on lower m...

ABB (Buy, TP: SEK595.00) - Non, je ne regrette rien

CEO Björn Rosengren’s penultimate report before retiring highlighted the structural improvements made at ABB under his tenure as margins beat our expectations and consensus, and the 2024 margin guidance was raised. We have upgraded to BUY (HOLD) and raised our target price to SEK595 (520), having increased our 2024–2026e operating EBITA by 5–4%. At 15.2x 2024e EV/EBIT (10-year average 15.0x), we believe the stock deserves further re-rating as the valuation still seems to be anchored in historically depressed multiples rather than reflecting the improved qualities of the ‘new’ ABB, which offers...

Equinor (Hold, TP: NOK300.00) - Stable valuation relative to peers

Following the poor investor reception at its CMU, Equinor’s share price has recovered to pre-CMU levels. While some attribute this to Equinor showing discipline by not winning the Sørlige Nordsjø II offshore wind auction, we believe it is due to its peer group of European majors trading higher in recent weeks, as Equinor’s ~15% premium valuation to peers has remained stable. Our Q1e adj. EBIT is 1% above consensus. We reiterate our HOLD, but have raised our target price to NOK300 (280).