Novo Nordisk AS: 1 director

A director at Novo Nordisk AS sold 6,311,250 shares at 860.020DKK and the significance rating of the trade was 68/100. 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 cle...

Brand 24 S.A.: 1 director

A director at Brand 24 S.A. sold 624,281 shares at 33.570PLN and the significance rating of the trade was 100/100. 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...

NRG - Valens Credit Report - 2024 04 02

Credit markets are overstating NRG's credit risk with a YTW of 5.936 % relative to an Intrinsic YTW of 4.559% and a CDS of 145bps relative to an Intrinsic CDS of 35bps. Furthermore, Moody's is overstating the firm's fundamental credit risk, with its Ba1 credit rating two notches lower than Valens' IG4 (Baa2) credit rating. Incentives Dictate Behavior™ analysis highlights mostly positive signals for credit holders. NRG's metrics should generally drive management to improve all three value driver...

Bancorp Inc: 3 directors

Three Directors at Bancorp Inc bought/sold 16,709 shares at between 31.768USD and 32.614USD. The significance rating of the trade was 64/100. 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...

Capital Power Corp: 1 director

A director at Capital Power Corp bought 5,000 shares at 35.801CAD and the significance rating of the trade was 58/100. 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 cle...

Fresenius Medical Care : Q1 review – Good start into the year, adj. EB...

>Q1 review – Ahead of expectations on adj. EPS - Fresenius Medical Care's Q1 2024 revenues of € 4,725m (+0.4% y-o-y, in line with ODDO BHF/consensus) were supported by organic growth of 4.8% at the group level compared with our forecast of 3.8%. Divestments created a headwind of 230bp and forex created a headwind of 220bp. Q1 adjusted EBIT of € 416m (+17.5% y-o-y, margin of 8.8%) was 6%/8% ahead of expectations. Reported EBIT reached € 246m and was in line with e...

Thyssenkrupp Elevator : Refinancing bonds is the next step

The company successfully executed an amend and extend transaction on the bulk of its term loan B during March. There is now less pressure regarding the refinancing of the remaining 2027/2028 debt wall, which could happen in the next 12 months and be facilitated by a rather positive outlook. Indeed, we see main credit metrics to improve more significantly in the next quarters, supported by the execution of cost savings, favorable pricing/mix dynamic and progressively declining one...

Copper is golden - Sandvik up to BUY

Copper and gold rally will turn order growth around in H2. Also secular drivers benefiting both Epiroc and Sandvik. Sandvik has highest value upside - up to BUY.

Targets 20% EBIT margins to allow for growth

Underwhelming Q1

SYNA - Valens Credit Report - 2024 04 12

- Credit markets are slightly overstating SYNA's credit risk with a YTW of 6.570% relative to an Intrinsic YTW of 6.020% and an Intrinsic CDS of 159bps. Furthermore, Moody's is overstating SYNA's fundamental credit risk with its speculative Ba2 credit rating four notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. Although most management members are not material owners of SYNA equity relative to their annual compen...

Indra Sistemas : Indra delivers another excellent performance in Q1. B...

>Q1 results well above forecasts and of good quality - Yesterday morning's conference call confirmed the quality of Q1 2024 results, which came in well above consensus forecasts on all fronts (+12% for sales, +17% for EBIT, 25% for attributable net profit and x2 for FCF). Granted, the contribution from FCAS was strong (€ 56m vs € 50m est.) fuelling growth by 6 points but the group’s performance remained solid even excluding FCAS, with organic growth of +12%, of which ...

Zeus UK smallcap technology sector update - May 2024

This month we screen for high earnings outperformance potential by identifying high gross margin companies with strong track records of revenue outperformance. As a result, we believe companies with high operating leverage and good potential to deliver strong earnings outperformance are Intercede, Eagle Eye Solutions and Boku. Further below, we review sector performance and valuation as well as the best and worst price performers this month: