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...

Northern Lights

Sinch (Buy, TP: SEK52.00) - New reporting structure implemented

With a new reporting structure, focus will be on headline numbers (the Q1 report is due at 07:30 CET on 7 May). We forecast 6% organic gross profit growth YOY, and we believe this is about in line with consensus. We reiterate our BUY and SEK52 target price.

Truecaller (Buy, TP: SEK46.00) - Facing easy comparables in Q1

We believe our Q1 revenue assumptions could prove conservative (results due at 07:30 CET on 7 May), but we are still 3% above consensus on sales and 5% above on EBITDA. We reiterate our BUY and have raised our target price to SEK46 (40) on higher peer multiples.

Safe Bulkers Minor model adjustments

We have updated our estimates, owing to the Q1 report and its updated contract backlog at healthy rates providing visibility on cash flows for the coming quarters. The market is still pricing Safe Bulkers at c50% of NAV, which screens at a noticeable discount to peers’ average P/NAV of ~0.8x. This, along with its contract portfolio, continues to provide relatively attractive exposure to the dry bulk segment, despite potential downside risk to demand on fundamental drivers in China (importer of ~50% of all volumes). We do not consider these changes to be material, and we have not changed our BU...