Yara share purchases and mandatory notification of trades

Yara share purchases and mandatory notification of trades The Foundation for employees’ shares in Yara (“Stiftelsen for ansattes aksjer i Yara”) has today purchased shares in the market as part of the employee share purchase program in Norway. As part of Yara’s employee share purchase program in Norway, the Foundation for employees’ shares in Yara (“Stiftelsen for ansattes aksjer i Yara”) has today purchased in the market a total of 47,200 Yara shares (ticker: YAR, ISIN: NO0010208051) at an average price of NOK 313.8409 per share.  Employee share purchase program: Permanent Yara emplo...

Normalisation of margins

Yara (Buy, TP: NOK425.00) - Higher premiums and lower costs

Q3 saw higher achieved prices and premiums, contributing to a 22% EBITDA beat. Fixed costs were also reported to have come down USD88m per year. We have raised our 2025–2026e EPS by 4–6% on the back of the beat. We see significant upside potential in the share price from possible changes in EU natural gas prices and cuts in the capex programme. We reiterate our BUY and NOK425 target price.

Valuation update

In this note, we show updated valuation statistics for the E&P sector

Petrobras rig pool tender appears to have awarded three of four rig slots

For the Petrobras ‘rig pool’ tender, which had bids due in mid-October, bid evaluation appears to have been completed. The tender was for “up to” four deepwater rigs with 3-year duration across three lots. It seems Petrobras has only progressed with three of the maximum four rigs it could award. Lots 1 and 2 appear to have gone to local contractors Constellation and Etesco, while only Seadrill was selected in Lot 3, making up the three rigs in total (meaning Valaris was not selected in Lot 3). While it is unclear why the last slot was not filled, we believe this could be viewed as a small setb...

Truecaller (Buy, TP: SEK60.00) - iOS product a game changer

Sinch is set to launch a new iOS product when iOS18.2 is released later in Q4, and Truecaller aims to convert iOS users to Premium subscribers in 2025. This could be a game changer, boosting revenue growth and driving more stable subscription revenues.