H & M Hennes & Mauritz AB: 1 director

A director at H & M Hennes & Mauritz AB bought 1,850,000 shares at 153.698SEK and the significance rating of the trade was 67/100. 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...

Betting big, as it should: reiterate BUY

Hennes & Mauritz (Buy, TP: SEK190.00) - Building momentum into 2025

With a scrapped 2024 margin ambition amid weaker than expected sales and a drag from external factors YTD, we believe investor focus is shifting to 2025 as the relaunch of its autumn collection and marketing efforts appear well received by customers, creating optimism for a favourable sales backdrop into the Christmas season and next year. We also remain hopeful for a return to store growth in 2025, supporting sales and profitability. We reiterate our BUY and SEK190 target price.

Edda Wind (Buy, TP: NOK30.00) - Well positioned

While EBITDA was broadly in line with expectations, the Q3 report gave early signs of improved operational reliability, which we believe will be key to narrowing the discount to underlying values (the stock is trading at 0.6x P/NAV). Recent contract awards (including a new 12+12-month contract announced with the results) have made the fleet fully booked until the 2025 summer season, and three of the four 2025 newbuild deliveries are now booked directly following yard delivery. We reiterate our BUY and NOK30 target price.

Valuation and market update

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

Petrobras FPSO delays may hit service volumes but lengthen cycle

Being the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to get investor attention. On the positive side, its latest 5-year plan sees 5% higher E&P spending than the previous one, and has a more stable phasing between the years, which is supportive for the cycle duration. However, several FPSOs are facing significant delays, which is on the downside for oil services, leading to delays for deepwater oilfield services (primarily drilling and subsea), likely resulting in lower ‘peak volumes’ and demand being spread over a longer period. The rig count is said to...