Saudi Electricity Company: Increase in the WACC rate is credit positiv...

We view the upward revision given the higher interest rate environment as positive, with the newly established regulatory framework working as expected and in a transparent manner.

Castellum (Hold, TP: SEK135.00) - Unconvincing Q1 results

We have downgraded to HOLD (BUY) and trimmed our target price to SEK135 (136) following rather soft Q1 results that showed a risk in vacancy adding concern about the rental market outlook. We consider the stock fully valued, given only an 10% NAV discount (adjusted for Entra at market value) and its soft FFOPS growth outlook.

Good Q1 prompts EBIT revision of 16%

Sales and EBIT forecasts raised by 6% and 15%. Surprise uptake in industrial sales in CEE region. TP raised to DKK 2,700: HOLD.

Comeback kickoff

Q2 better on margins and volumes; earnings mix also strong. Further improvement in coming quarters on margin recovery. Record-low valuation: P/E 12-13x, SOTP at NOK 107/share.

Positive news at ESTRO

Lindab International (Buy, TP: SEK244.00) - A bump in the road

Lindab’s markets remain under pressure, but comparables are becoming easier, and we expect positive organic growth in H2 2024. Due to the weak Q1, we have reduced our 2024–2026e adj. EBIT by c5% on average and our target price to SEK244 (250), but reiterate our BUY. We expect earnings growth from Q4 onwards, and see upside potential to our target price.

Guidance upgrade likely on the cards in '24e

Solid Q1 despite fewer working days and soft international margins. '24e turnaround story re-affirmed with guidance upgrade likely. 24-13x P/E in '24e-'26e: Reiterate BUY with TP of DKK 330 (320).

On track

European occupancy continues up. Minor estimate changes for '25e-'26e. Trading above key peers, we reiterate HOLD.

Hexagon Purus (Hold, TP: NOK7.00) - On track

The Q1 report came as a relief to the capital markets. With decent quarterly results, capacity expansion on track, and a still-supportive demand outlook, the industrial business case looks intact. That said, we note the still-high funding need. We reiterate our HOLD, but have raised our target price to NOK7 (6) on lower dilutive effects from assumed further capital raises after Friday’s share price rally. The stock continues to trade at an attractive 40–50% discount to other hydrogen equipment s...

Autumn for Broadband 1Q24

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Industry net adds were substantially weaker in 1Q24 with all technologies seeing slower growth (except DSL which was flat). Cable was impacted the most.

Bonheur (Buy, TP: NOK275.00) - Limited knock-on effects from the weak ...

Bonheur reported Q1 EBITDA well below expectations (25% below our estimate and 33% below consensus), but we see limited knock-on effects for the rest of the year. Hence, we have lowered our 2024e EBITDA by 5% on the weaker-than-expected Q1 results, and raised our 2025–2026e EBITDA by 2–1% on a weaker NOK. We reiterate our BUY and NOK275 target price, and see the stock trading at an attractive 28% discount to our NAV and a 15% discount to our target price.

OKOMU OIL PALM COMPANY PLC Q1'24 Earnings Release - Price increases bo...

"FX Volatility: Boon and Bane Global CPO production weakened in the quarter, due to lowered yields from ageing trees, higher biodiesel mandates, and the peaking of the El Nino weather pattern. As a result, global supply from key producing countries declined, causing prices to rise by 12% to $942.92/mt. Consequently, this informed pricing in the domestic and international markets. As a result, revenue from local sales increased by 72% y/y, while exports increased by 194% y/y. Overall, revenue fo...

JULIUS BERGER NIGERIA PLC Q1'24 Earnings Release - FX gains bolsters b...

"Private sector demand defies macro environmentJulius Berger’s Q1 results showed a marginal increase in topline, buoyed by upbeat construction activities. Breaking it down by segments, revenue from the Government declined by 3% y/y to ₦94 billion. We attribute this to a possible slowdown in Capex rollout by the Government. However, interestingly, despite the biting impact of the inflationary pressures on consumers’ income, revenue from the private sector increased by 62% y/y to ₦16.7 billion, bo...

Universal Biosensors Inc: 1 director

A director at Universal Biosensors Inc bought 29,506,606 shares at 0.150AUD and the significance rating of the trade was 84/100. 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...

Amgen Inc: 1 director

A director at Amgen Inc sold 2,117 shares at 313.085USD and the significance rating of the trade was 70/100. 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 showi...

Elcom Technology Communications Corp: 1 director

A director at Elcom Technology Communications Corp sold 365,000 shares at 0.000VND and the significance rating of the trade was 51/100. 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 l...