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Casper Blom
  • Casper Blom
PREMIUM
VWS VESTAS WIND SYS...

Vestas Wind Systems - Not out of the woods yet

We adopt a more cautious view in 2022e… …and decrease our 2022 EBIT estimate by 19% Target price cut to DKK 205 (DKK 220) – HOLD

VWS VESTAS WIND SYSTEMS
12/16/21 December 16, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
ORSTED ORSTED

Orsted - Hornsea 2 and GC 1+2a will go live in 2022

Hornsea 2 will be a focus area in 2022 2022 estimates adjusted, 2023e basically intact We keep BUY, target price DKK 1,020

12/16/21 December 16, 2021 1 EN
Adrian Gilani ... (+6)
  • Adrian Gilani
  • Casper Blom
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Olof Cederholm
PREMIUM
BONHR BONHEUR ASA
ORSTED ORSTED ... (+18)

Powerpoint Sector Report - Renewable Weekly: Theme of the week - Chris...

Our Christmas card can be seen on slide 2 Soft week for Nordic renewable shares

BONHR BONHEUR ASA
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
OX2 OX2
VWS VESTAS WIND SYSTEMS
GREENH GREEN HYDROGEN SYSTEMS AS
12/16/21 December 16, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
DSV DSV Panalpina A...

DSV - Will there be organic growth in 2022?

2021 has been an extremely good year for DSV… …making it difficult to beat in 2022 Fundamentally, however, this remains a BUY in our view

DSV DSV PANALPINA A/S
12/15/21 December 15, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
VWS VESTAS WIND SYS...

Vestas Wind Systems - Short-term pain and long-term potential

CMD included a reiteration of the 10% margin target… … but also an underlining of current headwinds We maintain a cautious view on Vestas

VWS VESTAS WIND SYSTEMS
12/15/21 December 15, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
NKT NKT A/S

NKT - 2022 will be a pre-party before the 2023 boom

High coverage for 2022 in place… … and 2023 looks to be even better We reiterate BUY, TP DKK 370

12/14/21 December 14, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
NLFSK Nilfisk Holding...

Nilfisk - Above-historic growth to continue in 2022

Towards the high end of guidance Pent-up demand to give a solid start to 2022e We keep BUY with a target price of DKK 300

NLFSK NILFISK HOLDING A/S
12/14/21 December 14, 2021 1 EN
Casper Blom ... (+2)
  • Casper Blom
  • Haakon Amundsen
PREMIUM
GREENH GREEN HYDROGEN ...

Green Hydrogen Systems - Execution, execution and execution

Q4 2021 is a small but important quarter 2022 guidance will be in focus We keep BUY and our DKK 53 target price

GREENH GREEN HYDROGEN SYSTEMS AS
12/13/21 December 13, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
DNORD S NORDEN A/S

D/S Norden - P/NAV of 0.66x

A good year for dry bulk We see clear valuation support from steel values alone BUY and DKK 215 target price reiterated

12/13/21 December 13, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
VWS VESTAS WIND SYS...

Vestas Wind Systems - 10% margin target to be in focus at the CMD

CMD on 15 December Looks like we will get a tour through the entire company But what about the 10% EBIT margin target?

VWS VESTAS WIND SYSTEMS
12/12/21 December 12, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
DFDS DFDS A/S

DFDS - Rebound potential remains

We expect Q4 EBITDA within the guidance range Will passengers start to return in 2022? We keep BUY with an unchanged TP of DKK 435

12/12/21 December 12, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
MAERSK B A.P. Moller - M...

AP Møller Maersk - The spike that keeps on giving

No weakness in container freight rates EBITDA up 1% for ‘21e, 8% for ‘22e and 9% for ‘23e Target price up to DKK 26,000 – BUY

MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
12/12/21 December 12, 2021 1 EN
Casper Blom ... (+5)
  • Casper Blom
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Olof Cederholm
PREMIUM
BONHR BONHEUR ASA
ORSTED ORSTED ... (+22)

Powerpoint Sector Report - Renewable Weekly - Theme of the week: Escal...

Accelerating renewable growth rates Renewable capacity growth driven by solar and wind Soft week for Nordic renewable shares

BONHR BONHEUR ASA
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
AWP ARISE AB
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
FERRO FERROAMP ELEKTRONIK
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
GREENH GREEN HYDROGEN SYSTEMS
OX2 OX2
VWS VESTAS WIND SYSTEMS
GARO GARO AKTIEBOLAG
12/02/21 December 2, 2021 1 EN
Casper Blom ... (+3)
  • Casper Blom
  • Erik Cassel
  • Max Bacco
PREMIUM
JETPAK Jetpak Top Hold...

Jetpak - Set to deliver solid 2022 numbers

Sales in line, adj. EBITA 8% below ABGSCe Margin pressure to continue in Q4’21 but ease in ‘22 BUY; 9x ‘22e EV/EBITA on 27% EBITA CAGR ’20-‘23e

JETPAK JETPAK TOP HOLDING
11/29/21 November 29, 2021 1 EN
Adrian Gilani ... (+6)
  • Adrian Gilani
  • Casper Blom
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Olof Cederholm
PREMIUM
BONHR BONHEUR ASA
ORSTED ORSTED ... (+18)

Powerpoint Sector Report - Renewable Weekly: Theme of the week - Summa...

Optimism at the Electric City wind conference Wind service companies indicate strong improvements ahead Poor week for Nordic renewable shares

BONHR BONHEUR ASA
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
GREENH GREEN HYDROGEN SYSTEMS
OX2 OX2
VWS VESTAS WIND SYSTEMS
11/25/21 November 25, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
NLFSK Nilfisk Holding...

Nilfisk - Clouds are clearing – more growth ahead

Adjusted EBITDA estimates lifted by 3-5% Record order book We keep BUY and our target price of DKK 300

NLFSK NILFISK HOLDING A/S
11/24/21 November 24, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
NLFSK Nilfisk Holding...

Nilfisk - Strong organic growth drives EBITDA beat

Adjusted EBITDA 8% above consensus Strong performance on the US market Record high order book

NLFSK NILFISK HOLDING A/S
11/24/21 November 24, 2021 1 EN
Casper Blom
  • Casper Blom
PREMIUM
VWS VESTAS WIND SYS...

Vestas Wind Systems - Under siege

Impacted by cyber security incident Few details at this point in time Year-end rush at risk?

VWS VESTAS WIND SYSTEMS
11/22/21 November 22, 2021 1 EN
Adrian Gilani ... (+6)
  • Adrian Gilani
  • Casper Blom
  • Haakon Amundsen
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Olof Cederholm
PREMIUM
BONHR BONHEUR ASA
ORSTED ORSTED ... (+18)

Powerpoint Sector Report - Renewable Weekly: Theme of the week - Huge ...

Electrolyser manufacturing capacity >25GW/y by ‘25e Mixed week for Nordic renewable shares

BONHR BONHEUR ASA
ORSTED ORSTED
SCHO SCHOUW & CO A/S
NEL NEL ASA
SSO SCATEC ASA
FKRFT FJORDKRAFT HOLDING ASA
QFUEL QUANTAFUEL AS
CADLR CADELER
VOLUE VOLUE AS
BIOGAS SCANDINAVIAN BIOGAS FUELS INTERNATIONAL
AOW AKER OFFSHORE WIND HOLDING
OHT OHT
AKH AKER HORIZONS
IWS INTEGRATED WIND SOLUTIONS
ZAP ZAPTEC
GREENH GREEN HYDROGEN SYSTEMS
OX2 OX2
VWS VESTAS WIND SYSTEMS
11/19/21 November 19, 2021 75 EN
Casper Blom
  • Casper Blom
PREMIUM
DFDS DFDS A/S

DFDS - Bottleneck hiccups

High costs due to a tight European market EBITDA estimates lowered by 1-2% for 2021e-22e We reiterate BUY

11/17/21 November 17, 2021 11 EN
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