Nordic banks – Statistical update - Swedish lending November 2024

Evolution AB: 1 director

A director at Evolution AB bought 1,500 shares at 853.950SEK and the significance rating of the trade was 61/100. 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 ...

Swedbank AB: 1 director

A director at Swedbank AB bought 2,593 shares at 214.179SEK 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 s...

Weekly news, topics & discussion

This week, BlueNord announced that plateau production at Tyra is now expected to be delayed by around three weeks due to adverse weather, shifting the timeline to the second half of January 2025. Consequently, we expect a dividend announcement around or with its Q4 results (due on 12 February). In other news, the Arkenstone drilling campaign has been temporarily suspended after encountering shallow gas. Also, DNO and OKEA have agreed to swap 10% interests in the Mistral and Horatio prospects.

Nordic banks – Statistical update - Norwegian lending November 2024

Solid NCS production in November

The Norwegian Offshore Directorate’s (NOD) preliminary NCS figures for November showed liquids and gas production slightly above its own forecasts. Liquids production was 1,975kboed (2.1% above its forecast) and gas production was 360mcm/d (3.0% above). Overall production was 4.24mmboed, up 2.1% MOM (2.6% above). Company-wise, production was up MOM in October for all companies, following the maintenance-heavy September. Also, the water-cut for Johan Sverdrup seems to have stabilised in recent mo...

NCS: Nov. production marginally better, JS still stable

AUCTUS ON FRIDAY - 20/12/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations. The main pre-drill targets were the C7 and the Ubaque formations. The Gacheta and Guadalupe formations carried a higher risk, an...

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

Weekly news, topics & discussion

E&P Sector (DNB Markets) (, ) - Weekly news, topics & discussion (26 pages)

Valuation update

In this note, we show updated valuation statistics for the E&P sector

Weekly news, topics & discussion

This week, Equinor announced a joint venture with Shell for its UK assets. We consider this a sensible move for Equinor, reducing its exposure to Rosebank (and likely cutting near-term organic capex by ~3–4%), while boosting near-term production by ~1.5% and accelerating the use of its significant UK tax loss position through increased production. In other news, Pål Eitrheim, EVP Renewables at Equinor, is leaving the company after 26 years. Finally, for Panoro Energy, we expect increased dividen...

Nordic banks: trough in '25e, growth in '26e

It has been a long wait

Aker BP ASA - September 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Nordic banks – statistical update – Swedish bankruptcies November 2024

Hennes & Mauritz (Buy, TP: SEK190.00) - Cautious on Q4 from timing eff...

We are cautious ahead of H&M’s Q4 report, being 12% below consensus on adj. EBIT. Our view mainly reflects lower sales in November, as the timing of Black Friday week is likely to have a negative effect on sales (with online sales booked in December). Consequently, we expect focus to be on the latest trading figures, along with the outlook for 2025 and an update on its store expansion plans. We reiterate our BUY and SEK190 target price.

Weekly news, topics & discussion

Following the recent strengthening of European gas prices, we published an update on the impact for the NCS large caps in our coverage. With high gas prices likely isolated to 2025–2026e, we see a limited valuation effect. Also, following Trump’s US election victory, we see increased risk for potential delays to a farm-down of Empire Wind, which could limit Equinor’s ability to reduce its near-term renewables capex. In other news, Panoro Energy completed issuance of a new USD150m senior secured ...

Limited effect of higher gas prices

European gas prices have doubled from February troughs to USD14/mmbtu (USD80/boe), and near-term fundamentals appear supportive for still-elevated prices throughout the winter. However, with high prices likely isolated to 2025–2026e, we see a limited valuation effect on our NCS coverage. Moreover, Equinor and Vår Energi have outperformed peers by ~10–20% since August, and we believe their valuations suggest higher gas prices are well reflected, despite the upside potential to consensus.

Nordic banks – Statistical update - Swedish lending October 2024