Q4e: Improving market outlook

Down to HOLD after strong share performance

Multiconsult (Hold, TP: NOK225.00) - Time for a breather

Our Q4e EBITA and EPS are broadly in line with consensus, as we cut our Q4e billing ratio on Christmas 2025 calendar effects. We estimate a potential DPS of NOK9, up 12% YOY (in line with consensus). We see upside potential to EPS if the Nordic building markets recover faster than expected and from M&A-driven growth. However, given the share price performance over the past 12 months, we find the valuation fair and have downgraded to HOLD (BUY). We have raised our target price to NOK225 (220) on updated forecasts.

Nordic Semiconductor (Buy, TP: NOK145.00) - Perception-reality gap set to close

We believe 2025 could be the first – and last – year in the next product/technology cycle before the gap between the group’s reported and fundamental competitiveness versus its peers starts to close and the market shifts from being concerned about loss of market share for its nRF52 series towards optimism for its nRF54 series. However, while the market backdrop and downstream inventory are increasingly looking supportive, we still see ongoing near-term legacy risks related to nRF52 competitiveness and potential customer dual-sourcing. In sum, we see a positive risk/reward bias for 2025 and pot...

Green Landscaping Group (Buy, TP: SEK99.00) - Q4 one-offs stole the show

Driven by ongoing issues in the Swedish operation, the Q4 results fell shy of our forecasts, with sales 4% below consensus and EBITA 11% below. Mild weather explained some of the shortfall, while company-specific issues affected the Swedish operation, outweighing otherwise solid performances in Norway and Other Europe as well as group FCF generation. We reiterate our BUY, but on lower margin estimates, we have cut our target price to SEK99 (102).

Stolt-Nielsen Minor model adjustments

We have updated our estimates, owing to the Q4 report, adjusted near-term guidance and announced growth projects. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK540 target price. Stolt-Nilsen still screens as highly appealing exposure to the tanker market, in our view, with a favourable outlook for 2025 on prospects for volume growth, limited 3% deliveries, an aging fleet and >10% of the today’s fleet facing sanctions. Hence, we expect solid earnings ahead, with our estimates implying an 23% average earnings yield for 2025–2...