Solid Swedish April sales m-o-m

Kindred Group Minor model adjustments

We have raised our 2024e adj. EBITDA by 2%, owing to the Q1 results and adj. EBITDA of GBP59.3m, up 20% YOY, 8% above our forecast (no consensus available) on surprisingly strong cost control (GBP10m lower opex than we forecast). The start to Q2 (daily average revenue up 8% YOY in constant currency, up to and including 4 February) was in line with our estimates, and the 2024 guidance for adj. EBITDA of GBP250m is unchanged. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our SEK130 target price, in line with FDJ’s ongoing proposed ...

Limited surprises

Q1 was slightly above expectations but triggers limited revisions. Potential NL deposit limits could hurt Kindred as market leader. Keep HOLD on neutral risk-reward with SEK 130 cash offer.

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Valuation and market update

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

DHT Holdings (Buy, TP: USD14.50) - Potential supporting momentum

VLCC index rates have been hovering steadily around USD40k/day since October, while the market eagerly anticipates the spark that could ignite a prolonged upcycle based on absent fleet-growth prospects for the next two-three years. We believe DHT still represents favourable exposure to a boom with potential dayrates of cUSD100k pegging valuation at 3x P/E. We reiterate our BUY, and have raised our target price to USD14.5 (12.7).