2024 Annual Report

2024 Annual Report Reykjavik 14 May 2025 - Kaldvik AS- (the "Company", ticker: KLDVK) announcesthat its board of directors today has approved the Company's annual report for2024.The following changes have been made from Q4 report:-Cost of materials from EURm 68.4 to EURm 67.9-Other op. exp. from EURm 24.4 to EURm 24.2-Due to unfavorable currency fluctuation the parent company, Kaldvik AS, has tax payable of EURm 0.5.  For further information, please contact:Robert Robertsson CFO About Kaldvik ASKaldvik AS is one of the leading salmon farmers in Iceland. Kaldvik AS has awell-developed and fu...

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Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.