reports
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor reported a preliminary internal gas price of USD12.05/mmbtu for Q4, slightly below Bloomberg consensus and 10% below the TTF day-ahead for the quarter. It also announced that the ongoing outage at its Hammerfest LNG facility was being extended by 10 days to 19 January. In other news, BlueNord reported preliminary net production of 28.9kboed for December, and 26.0kboed for Q4, slightly below our estimate of 29.0kboed.
- Simen Mortensen
Rising SWAP rates hit sector, weak rental update
The sector has traded down in recent weeks on rising long-term SWAP rates, resulting in multiples contraction, but we do not expect significant changes to consensus 2025–2026e FFO/EPS. This week, Corem issued a Q4 net letting-related profit warning, confirming the terminated lease in Stockholm’s Kista district, and Sveafastigheter announced a CFO change. The weighted-average implied EBITDA yields on the stocks we cover are 4.42% for 2024e and 5.10% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
EQNR EQUINOR ASA
AKAST AKASTOR ASA
PGS PGS ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
BWO BW OFFSHORE LIMITED
PRS PROSAFE
OKEA OKEA
BWE BW ENERGY
BORR BORR DRILLING LTD
VAR VAR ENERGI ASA
SEAPT-NO SEACREST PETROLEO
DOFG DOF GROUP ASA
- ABGSC Oil & Oil Services Research
- John Olaisen
- Steffen Evjen
- Tomi Railo
Kone (Hold, TP: EUR50.00) - Eyes on 2025 guidance
Our focus for the Q4 results will be on orders, clean EBIT, and 2025 guidance. Our Q4e and 2025e orders are close to post-Q3 consensus, and clean EBIT is slightly below. We reiterate our HOLD but have cut our target price to EUR50 (54) on our adjusted DCF. The share price offers a neutral risk/reward, in our view.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Lerøy Seafood Group ASA: Trading update Q4 2024
Lerøy Seafood Group ASA: Trading update Q4 2024 HARVEST VOLUMES OF SALMON AND TROUT Total harvest volume of salmon and trout for Q4 2024 was 56,800 GWT, compared to 47,500 GWT in Q4 2023. For the year 2024, the harvested volume of salmon and trout was 171,200 GWT compared to 159,600 GWT in 2023. These figures exclude harvest volumes from Scottish Seafarms. Harvest volumes by region/company for Q4 2024 (Q4 2023), measured in 1,000 GWT: Lerøy Aurora: 15.4 (12.5) Lerøy Midt: 22.6 (20.3) Lerøy Sjøtroll: 18.8 of which 8.2 was trout (14.7 of which 6.5 was trout) CATCH VOLUMES OF WILDFISH T...
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
ENTRA ENTRA ASA
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
- Ebba Bjorklid
Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high
In Q4, we forecast similar demand and market dynamics to Q3, with consumer downtrading, elevated promotional activity, a negative mix, price pressure, and weak consumer demand weighing on sales and EBIT. We expect a sales decline of 1.6% YOY (organic growth of 2.6%) and an adj. EBIT margin of 3.2%. We reiterate our HOLD, but have cut our target price to SEK92 (94).
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Simen Mortensen
Transactions and an upgrade
This week, Public Property Invest and Cibus Nordic Real Estate (Cibus) announced acquisitions, while Entra closed an asset sale 13% above book value. On Thursday, we upgraded Atrium Ljungberg to HOLD (SELL), and trimmed our target price on Balder (one of our sector top picks) to NOK90 (92) while reiterating our BUY. The weighted-average implied EBITDA yields on the stocks we cover are 4.48% for 2024e and 5.06% for 2025e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Steffen Evjen
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.
- Steffen Evjen
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...
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- John Olaisen
- Martin Mauseth
- Stian Wibstad
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Stephane Foucaud
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...
TLW TULLOW OIL PLC
OMV OMV AG
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CAD CADOGAN PETROLEUM
ENQ ENQUEST PLC
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
ZPHR ZEPHYR ENERGY
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
OKEA OKEA
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
CDR CONDOR ENERGIES INC
AST ASCENT RESOURCES PLC
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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