On track to deliver profitability gains

We raise adj. EBITA by 2-1-0% on '24e-'26e. Adj. EBITA expected to grow 12% y-o-y in H2'24e. 10-8x EBITA on '24e-'26e (8-12% FCFy), ~10% below peers.

Copilot to acquire all shares at DKK 6.60/share

Sintana Energy Inc. (TSX-V: SEI): Reloading in Namibia

• Sintana is acquiring up to 67% of Giraffe Energy from Crown Energy. Giraffe holds 33% interest in PEL79, located inboard of blocks operated by BW Energy, Rhino Resources and Shell. NAMCOR, Namibia’s national company, holds 67% in the licence. • The success at PEL83 has proven that the shallower water area in the Orange basin can be very attractive. PEL79 is one of the last remaining licenses in the basin not operated by a private operator. There is already over 4,760 km of 2D seismic, 1137 k...

Moody's Ratings affirms Commerzbank's long-term deposit, issuer and se...

Moody's Ratings (Moody's) has today affirmed all long- and short-term ratings and rating assessments of Commerzbank AG (Commerzbank), including its A1/P-1 long- and short-term deposit ratings, its A2 long-term senior unsecured debt and issuer ratings and its Baa2 junior senior unsecured debt ratings...

University of British Columbia (Canada): Update following rating affir...

Our credit view of UBC reflects a strong market position, excellent wealth levels and low debt, constrained by operating challenges from inflation and provincial tuition caps.

Structured Finance – Global: Structured finance short-term rating tran...

Biannual report on global structured finance short-term rating transitions and defaults.

South Coast British Columbia Transport. Auth (TransLink) (Canada): Upd...

Our credit view of TransLink reflects its monopoly transit position, improving ridership and unique taxation powers, offset by high capital spending and still elevated but improving debt.

Highlighting H2 improvement

Solid Q1 numbers, in line Q2 guidance. No underlying changes, but adding M&A means +2% on '24e EBITA. Maintain HOLD and TP at SEK 375.

City of Laredo, TX: Update to credit analysis

Our credit view reflects the city's large economy centered on its robust port and related transportation sector, high reserves and liquidity and moderate debt.

Municipal Fin. Authority of British Columbia (Canada): Update followin...

Our credit view of this issuer reflects its very strong management, high liquidity and robust credit protection mechanisms, constrained by concentration risk in the loan portfolio.

WildBrain Ltd.: Update to credit analysis following outlook change to ...

Our credit view of this issuer reflects its weak liquidity, low interest coverage and high financial leverage.

WaterBridge NDB Operating LLC: Modest leverage and growing EBITDA supp...

WaterBridge NDB balances growing scale and earnings through acquisitions with modest pro forma leverage and benefits from a strategic partnership with Devon Energy.

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of MIP V Waste, LLC and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 17 April 2024 in which Moody's reassessed the appropriateness of the ratings in the contex...

United FP Holdings, LLC: Update to credit analysis following CFR affir...

Our credit view of this issuer reflects its high debt load and high interest burden.

Amoeba: 1 director

A director at Amoeba bought 45,037 shares at 0.402EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...

About to shift the gear to growth

1% below cons. adj. for one-offs. More forward-leaning from here on. Reiterate HOLD with a TP of SEK 135.

Moody's Ratings assigns Baa3 to Williamson County MUD 22, TX's GOULT b...

Moody's Ratings (Moody's) has assigned Baa3 rating to Williamson County Municipal Utility District 22, TX's expected $1.98 million Unlimited Tax Road Bonds, Series 2024. Moody's Ratings maintains the Baa3 rating on the district's previously rated general obligation unlimited tax (GOULT) debt. The di...