Sinch (Buy, TP: SEK45.00) - 10% EFCF yield attractive

Q1 again disappointed on growth; organic gross profit growth was only 3% YOY, a level management expects to maintain throughout 2024. However, we believe Sinch is valued as a company without growth and see the current valuation offering good risk/reward. We reiterate our BUY, but have cut our target price to SEK45 (52).

Out of fashion, and Q1 didn't change it

Rare 7% adj. EBITDA miss in Q1 reduces estimates by 2-4%. We still expect to see improved growth rates ahead, and argue that valuation is far too low in that case: BUY.

Cost driven miss in Q1

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).