Ultimovacs (Sell, TP: NOK4.00) - Slower recruitment, FOCUS in focus

Total operating expenses were NOK28.6m, and cash and cash equivalents were NOK220m at end-Q1 (NOK266.6m at end-Q4 2023). The company recently announced initiatives to extend the financial runway to Q4 2025. While data from the fully recruited FOCUS trial is expected in Q3, the number of new recruited patients in the DOVACC and LUNGVAC trials was lower in Q1 versus Q4 2023. We reiterate our SELL and NOK4 target price.

Q1 report: life goes on

Ultimovacs ASA Reports First Quarter 2024 Financial Results and Provides General Business Update

Ultimovacs ASA Reports First Quarter 2024 Financial Results and Provides General Business Update Ultimovacs remains committed to continuing the clinical development strategy and exploring multiple pathways for UV1.The negative INITIUM results have had important consequences for the Company. Implemented cash preservation initiatives extends the anticipated financial runway to the fourth quarter of 2025, beyond the anticipated topline readout of the FOCUS and DOVACC trials. The UV1 vaccine was granted Fast Track designation from the U.S. Food and Drug Administration (FDA) and Orphan Drug desi...

SpareBank 1 Østlandet (Hold, TP: NOK140.00) - On HOLD after strong Q1

Fuelled by further NII expansion, the tax benefit of customer dividends, strong trading income and low loan losses, SPOL reported a Q1 ROE of 17.4% (>12% target), despite NOK26m of merger-related costs. We have made minor changes to our 2025–2026e EPS and reiterate our NOK140 target price. However, after the recent share price appreciation, we find more attractive risk/reward elsewhere in the sector. Thus, with the stock trading at a 2025e P/E of ~9.2x, we have downgraded to HOLD (BUY).

Odfjell SE (Buy, TP: NOK225.00) - Bullish earnings outlook

We have raised our Chemical Tankers rate estimates on the c7% increase QOQ in Q1 and with expectations for further growth in Q2, supported by an outlook for improved chemical production and limited supply ahead. We estimate a double-digit dividend yield through 2026e despite a modest payout ratio, and believe Odfjell screens as an attractive exposure to the tanker segment at an average 2024–2025e EV/EBITDA of 3.7x, versus the broader tanker peer group at 4.5x. We reiterate our BUY, and have raised our target price to NOK225 (193).

Wallenius Wilhelmsen ASA Minor model adjustments

We have marginally increased our revenue estimates and revised our cost assumptions, owing to the Q1 results. With no surprises related to the Red Sea disruption or the Baltimore bridge accident, focus should shift to shareholder distributions. The revised dividend policy allows for extraordinary dividends at the board’s discretion, something we have not seen before, and the first possibility could be in connection with Q2. We calculate cNOK25/share in excess cash today, potentially on top of NOK10/share in ‘normal’ dividends due for H1 and the remainder for 2023. We do not consider these cha...