Norsk Hydro (Sell, TP: NOK50.00) - Q1 slightly on the soft side

Q1 EBITDA was c2% below consensus, with a somewhat soft mix, as Extrusions and Aluminium Metal, the two largest segments, were below forecasts. We have increased our 2024e EPS by 7% on the USD2,600/t spot aluminium price, and 2025–2026e by 2% on the Q1 results. We are 30% below consensus 2025e EBITDA; we do not see enough demand to raise aluminium prices above the marginal producer’s cost, as the price appreciation in recent weeks suggests. We still expect aluminium prices to decline with lower global energy prices, and reiterate our SELL and NOK50 target price.

Demand growing faster than supply - BUY

Q1'24 EBITDA of NOK 5.4bn, '24e-'26e EBIT up 2-3% post report. Market tightening rapidly in Q1 - demand up 5%, supply up 3%. Reiterate BUY — TP NOK 75.

EBITDA 2% below on higher cost

Nokia - Assemblée Générale des actionnaires du 8 avril 2021

Le 1er aout 2020, Pekka Lundmark a remplacé Rajeev Suri en tant que Directeur général. Nous recommandons l’opposition au rapport de rémunération (résolution 10) en raison des préoccupations suivantes :- Utilisation du résultat opérationnel non-IFRS comme indicateur de performance alors que le rapport annuel indique l'utilisation du " résultat opérationnel " (trompeur).- Indemnité de départ de 5,12 millions d'euros pour l'ancien Directeur général, M. Suri, .excessive - Absence de justification du golden Hello du nouveau Directeur général- Rémunération totale du Directeur général de 8,02 M€ (ho...

Jerónimo Martins, SGPS, S.A. - AGM 08 April 2021

In item 4, shareholders are called to a binding vote on the remuneration policy for the Corporate Bodies. Overall remuneration amounts are reasonable, but we have serious concerns over the variable remuneration structure:- it exclusively depends on annual results, without a clear alignment with long-term interests of shareholders,- the percentage of annual bonus depending on qualitative assessments (50%) is above our voting policy limit of 20%,- individual weightings of quantitative KPIs are not disclosed,- the CEO's annual bonus is capped at 200% of his base salary, which is above our voting ...

Anima Holding - AGM 31 March 2021

In item 2.i, shareholders are called to a binding vote on the remuneration policy. All the performance criteria used to calculate variable remuneration are disclosed and long-term targets are quantified, but we regret that the criteria used to calculate the annual bonus are too generically disclosed. Furthermore, in our opinion the discretionary power of the Board to define the final bonus is excessive (40% of the bonus depends on qualitative assessments, plus the power to increase/decrease the final payment by 50% of the fixed remuneration). In addition, the CEO's variable remuneration is cap...