reports
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Steffen Evjen
January NCS production down YOY
The Norwegian Offshore Directorate’s (NOD) preliminary January NCS figures showed liquids production of 1,990kboed (0.5% above its forecast) and soft gas production of 346mcm/d (2.6% below its estimate). Overall production was 4.17mmboed (1% below its forecast), down 2.8% MOM and 6.5% YOY. Company-wise, December production should be well known following the Q4 results for our NCS coverage.
- Steffen Evjen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Capital Goods Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Steffen Evjen
Weekly news, topics and discussion
This week, Aker BP reported solid Q4 results, with 2025 production guidance in line with our estimates and consensus, although 2025 capex was slightly above. Vår Energi reported softer Q4 results than expected but raised its quarterly dividend from USD270m to USD300m (~15% yield). However, we remain cautious on long-term dividend sustainability, given the expected decline in FCF from 2027e due to raised capex guidance. Meanwhile, BlueNord announced its first dividend of USD215m (~15% yield), sch...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Tomra Systems: strong FY24 execution
This morning, Tomra Systems reported Q4 2024 results. Sales totalled EUR398m (+12% YoY vs. EUR354m in Q4 2023; +22% QoQ, vs. EUR326m in Q3 2024) on the back of strong revenues in Recycling and continued improvements in Food. This put FY24 revenue at EUR1,348m (+5% YoY vs. EUR1,288m in FY23). Adj. E
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/02/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ...
- Helene Kvilhaug Brøndbo
Hexagon Composites (Buy, TP: NOK50.00) - In a transition year
2025 looks set to be a transition year, with a slower roll-out of natural gas trucks and low Mobile Pipeline activity hampering H1. Thus, we have cut our 2025e EBITDA by 24%, to the top of the guidance of NOK640m–740m that we consider to be conservative. Seeing the long-term investment case as still intact and hearing welcomed commentary on no further financial support to Hexagon Purus, we consider yesterday’s sell-off to be an overreaction. We reiterate our BUY, but have cut our target price to...
- ABGSC Capital Goods Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Daniel Vårdal Haugland
- Stian Wibstad
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- ABGSC Oil & Oil Services Research
- John Olaisen
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Ahmed Ben Salem
- Thijs Berkelder
- Ahmed Ben Salem
- Thijs Berkelder
- Steffen Evjen
Aker BP (Buy, TP: NOK280.00) - Set for operating tailwinds in 2025
Aker BP reported Q4 EBITDA slightly above our forecast and consensus. For 2025, the production was guided at 390–420kboed, capturing our estimate of 418kboed and consensus of 407kboed, while capex for 2025 edged slightly higher than expected. Still, we find Aker BP attractively valued, trading at a P/NAV of ~0.95x and a dividend yield of 11%, with dividends set to grow by 5% YOY over the few next years. We reiterate our BUY and NOK280 target price.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Jerôme Bodin
HEIA HEINEKEN NV
UBSN UBS GROUP AG
CA CARREFOUR SA
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
AFX CARL ZEISS MEDITEC AG
KER KERING SA
RAND RANDSTAD NV
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
ENR SIEMENS ENERGY AG
UMG UNIVERSAL MUSIC GROUP NV
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