Q4e: Improving market outlook

Down to HOLD after strong share performance

Norconsult (Hold, TP: NOK48.00) - Taking a neutral stance

We have raised our target price to NOK48 (43). However, with our Q4 2024e and 2025e EPS broadly in line with Bloomberg consensus, and the stock looking fairly valued on 2025–2026e P/E, as well as trading at a premium to less liquid peers but at a discount to Sweco, we have downgraded Norconsult to HOLD (BUY). The Q4 results are due at 07:00 CET on 18 February.

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...