The growth journey has started

Hexagon Composites ASA: 1 director

A director at Hexagon Composites ASA sold 66,856 shares at 44.400NOK and the significance rating of the trade was 59/100. 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 ...

Oncopeptides (Buy, TP: SEK2.50) - Germany leads Q3 sales miss

Q3 sales were roughly half the level we expected – admittedly from a small base, but still a concern for us, since the miss was led by Germany, with much slower growth than recently. However, operating expenses were also less than we forecast, leaving an operating loss of SEK61m, a fraction better than our cSEK-63m. End-Q3 cash was SEK250m, which the company said would see it to positive cash flow in 2026e. We reiterate our BUY but have cut our target price to SEK2.5 (4.5) on increased uncertainty about the sales ramp up.

Norske Skog (Buy, TP: NOK32.00) - Unfounded concerns

Since the Q3 report that showed that Norske Skog is in good shape in difficult markets, the share price is down c40% on apparent concerns that Norske Skog will become financially distressed. However, after scrutinising the balance sheet and the debt payment structure, we believe the situation is under control. With our earnings forecasts largely intact, we have upgraded to BUY (HOLD) and reiterate our NOK32 target price following the recent share price weakness, in our view based on unfounded concerns and misunderstanding.

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.