Publication prices announced soon

Yara International ASA: mandatory notification of trade

Yara International ASA: mandatory notification of trade Today, Yara has purchased 104,706 shares (ticker: YAR, ISIN: NO0010208051) in the market at an average price of NOK 335.5987 per share. The shares are purchased on behalf of and transferred to Yara Group Executive Board members and other executives taking part in Yara’s Share Based Remuneration (SBR) programs. All SBR shares are locked in for a period of three years after purchase, and furthermore it is expected that members of the Group Executive Board do not sell any Yara shares as long as they are members of the Group Executive Bo...

Two weak years – what now?

Asmodee - Initiation of coverage - At the top table

Asmodee is a leader in the structurally growing EUR13bn tabletop market. With its unique distribution network and IP portfolio, we estimate a 2023/24–2026/27 adj. EBITDA CAGR of 7%, excluding the potential for resumed M&A after Embracer’s recent EUR400m capital injection. We initiate coverage with a BUY and SEK120 target price based on a peer valuation of 2025/26–2026/27e EV/adj. EBIT of c13x and a discount to our DCF.

OKEA (Buy, TP: NOK23.00) - Transactions provide value support

DNO is set to acquire Sval Energi at an EV/2P of USD11.3/boe, broadly matching the NCS transaction average. Meanwhile, OKEA is trading at USD3.9/boe on the similar metric, and even the low-end of historical NCS transaction metrics would calculate to ~100–150% upside potential to the last close. We have upgraded to BUY (HOLD) and raised our target price to NOK23 (20), with the latter still implying a P/NAV 0.6x, although we see even greater upside potential in an M&A scenario.

Increased supply

Good growth due to warm waters and reduced biological challenges have resulted in a material uptick in standing biomass and a favourable supply outlook. We have raised our 2025e YOY harvest growth to 7.1% (5.0%), driven by Norway, which we now expect to grow 6.9% (3.6%) YOY. We have cut our 2025–2027e spot prices to EUR7.2 (7.5) and EUR7.6 (7.8), corresponding to NOK84–89/kg. We have cut our 2025–2026e EPS by 13–9% and reiterate our neutral view on the sector, expecting sideways movement until supply revisions ease.