Dividends could lift valuation

ABGSC Shipping Daily 30 January

Mixed tanker and dry bulk markets, LPG up, Shipping peer group trades at P/NAV 0.75x, BW LPG: Lower terminal fees imply upside to rates, SNI Q1: Q4 beat, guides for lower TCE in Q1

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).