Two Directors at H & M Hennes & Mauritz AB bought 6,309,000 shares at between 132.714SEK and 132.880SEK. The significance rating of the trade was 67/100. 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 di...
Supported by strong Q1e production of 450kboed, our EBITDA forecast is 12% above consensus (the Q1 trading update is due at 07:00 CET on 7 April). Consequently, following a stronger-than-expected start to the year, we have raised our full-year production estimate. We forecast 2025 production of 424kboed, exceeding the guidance (390–420kboed) and consensus (412kboed). The key production drivers are broadly flat YOY for Johan Sverdrup production, Edvard Grieg stabilising, and positive YOY for Tyrv...
This week, we published a note on the harsh reality of USD70/bbl for our coverage. While investors appear to be positioning for lower oil prices, we believe consensus FCF estimates for NCS large caps remain overly aggressive. Meanwhile, DNO announced a discovery at the Kjøttkake prospect, north-west of Troll, adding ~NOK0.8/share (~4%) to DNO’s NAV and ~NOK1/share to Aker BP’s (
Investors are positioning for lower oil prices, and the perception seems to be that cash flows are set to remain healthy and valuations attractive. We are concerned that overly aggressive consensus FCF facilitates this, as our USD70/bbl calculations imply a normalised FCF yield of only 6–8% for our coverage. With the European majors trading at a 2025–2027e FCF yield of c12%, we struggle to find an attractive risk/reward in large-cap NCS stocks, as the implied returns are negative c10–25% at peer...
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