Challenging backdrop

Elkem (Buy, TP: NOK30.00) - Performing through the trough

We estimate Q1 EBITDA of NOK983m, driven by near-term margin improvement in Silicones, partly offset by our lowered expectations for Silicon due to still-weak market conditions, along with additional headwinds from production curtailments and maintenance work. We have reduced our 2026–2027e EPS by 3%. We reiterate our BUY and NOK30 target price.

Elkem (Buy, TP: NOK30.00) - Preparing to unlock values

Q4 EBITDA was cNOK1.2bn, in line with our estimate and consensus. The company proposed a DPS of NOK0.3 for 2024, which was above our forecast of NOK0 and consensus of NOK0.09. We have made minor adjustments to our 2025–2026e EPS, and are 6% above consensus for 2026e EPS. We reiterate our BUY and NOK30 target price.

AC ENERGY CORP increases its risk exposure and slightly lowers to Neutral

AC ENERGY CORP (PH), a company active in the Alternative Electricity industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date April 8, 2022, the closing price was PHP 8.54 and its expected value was estimated at PHP 8.53.

With a more favourable environment, VUKILE PROPERTY improves to Positive

VUKILE PROPERTY (ZA), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date April 5, 2022, the closing price was ZAR 13.72 and its potential was estimated at ZAR 15.16.

An unfavourable environment weighs on ROYAL BAFOKENG PLATINUM, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of ROYAL BAFOKENG PLATINUM (ZA), active in the Platinum & Precious Metals industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date April 5, 2022, the closing price was ZAR 159.78 and its target price was estimated at ZAR 127.50.