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 PRESS RELEASE

Cargotec updates its outlook for 2024 due to the completion of the Kal...

Cargotec updates its outlook for 2024 due to the completion of the Kalmar demerger CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 26 JUNE 2024 AT 1:10 P.M. (EEST) Cargotec updates its outlook for 2024 due to the completion of the Kalmar demerger Cargotec Corporation (“Cargotec”) announced on 26 June 2024 that Cargotec’s Board of Directors has decided to complete the partial demerger of Cargotec (the “Demerger”) and that the completion of the Demerger and the incorporation of Kalmar as a separate new company would be registered on 30 June 2024. Cargotec updates its outlook for 20...

 PRESS RELEASE

Cargotec has decided to complete the partial demerger of Cargotec; tra...

Cargotec has decided to complete the partial demerger of Cargotec; trading in Kalmar’s class B shares is expected to commence on 1 July 2024 CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 26 JUNE 2024 AT 1:00 P.M. (EEST) Cargotec has decided to complete the partial demerger of Cargotec; trading in Kalmar’s class B shares is expected to commence on 1 July 2024 The Board of Directors of Cargotec Corporation (“Cargotec”) has today decided to notify the Finnish Trade Register of the completion of the partial demerger of Cargotec (the “Demerger”) so that the completion of the Demerg...

ABGSC Retail Research ... (+3)
  • ABGSC Retail Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Q2 preview: solid quarter despite tough comps

Positive volume/mix in Q2'24e. Q2'24e preview: adj. EBIT of SEK 963m (+2% y-o-y). Margins set to expand: BUY and TP of SEK 320 reiterated.

ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

Crude Quarterly Q2'24: tighter oil market ahead

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen

Estimate changes from Crude Quarterly, 26 June

In our 26 June Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions.

 PRESS RELEASE

Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 25

Aktietilbagekøb i Spar Nord Bank – transaktioner i uge 25          Selskabsmeddelelse nr. 42          Spar Nord offentliggjorde i selskabsmeddelelse nr. 10 2024 et aktietilbagekøbsprogram på op til 500 mio. kr. Aktietilbagekøbet blev indledt 12. februar 2024. Aktietilbagekøbet sker med henblik på at nedsætte bankens aktiekapital med de under programmet købte aktier, og foretages i henhold til EU-Kommissionens forordning nr. 596/2014 af 16. april 2014 (”Markedsmisbrugsforordningen”). Under aktietilbagekøbsprogrammet er der i foregående uge gennemført følgende transaktioner:  Antal AktierGe...

 PRESS RELEASE

Share buybacks in Spar Nord Bank – transactions in week 25

Share buybacks in Spar Nord Bank – transactions in week 25 Company announcement no. 42  In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024. The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”). In last week the following transactions were made under the share buyback programme.  Number of sharesAverage purc...

Niclas Gehin
  • Niclas Gehin

Elkem (Hold, TP: NOK20.00) - Dependent on supply

We forecast Q2 EBITDA of NOK1,057m, up 2% YOY, driven by a slight improvement in Silicones’ margins. Despite lowering our 2024–2025e Si and FeSi prices by 1–4% due to a decline in silicon metal prices over past months, we have raised our 2025–2026e EPS by 2% on improvements in Silicones and Carbon Solutions. We reiterate our HOLD and NOK20 target price, as we continue to see challenging conditions due to excess supply of silicones with depressed prices. The results are due at 07:00 CET on 12 Jul...

Spar Nord Bank A/S: Update following affirmation and change of outlook...

Our credit view of this issuer reflects its strong liquidity buffer and its low dependence on market funding, offset by its high cost to income ratio compared to peers.

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 21/06/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid. The flow rate is currently constrained with the ESP operating on the minimum setting. The flow ra...

Steffen Evjen
  • Steffen Evjen

Johan Sverdrup water cut edging higher

Today, the Norwegian Offshore Directorate (NOD) published preliminary NCS production figures for May and field-by-field data for April. May production was ~3% above NOD’s prognosis, but down c7% MOM due to higher maintenance-related activities. We highlight that Johan Sverdrup’s water cut continues to edge higher, standing at 16% in April (up 1%-point from March). On a company-specific basis, April production for both Aker BP and Vår Energi was relatively stable MOM and remains within (Vår Energ...

ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm

In it together? Ownership alignment update

Management ownership has increased. Great alignment at ABB, good at Volvo, Alfa, Hexagon, and Metso. Low direct ownership at Epiroc and (despite some improvement) SKF.

Delphine Brault ... (+2)
  • Delphine Brault
  • Quentin Borie

SKF : Q2 2024 preview: the worst is behind us (Outperform vs Underperf...

>Q2 2024e: the last difficult quarter - For Q2 2024, we expect sales to decline -6.3% on an organic basis (vs -7.3% previously and -5% for the consensus), including a price effect of +1.1% and a volume effect of 7.4%. For Q2, the group is targeting a mid-single-digit decline in organic sales. For the Industrial division, we anticipate a decline of -6% in Q2, which should mark the end of: i/ the destocking phase at a number of OEMs and ii/ the negative impact of...

Delphine Brault ... (+2)
  • Delphine Brault
  • Quentin Borie

SKF : Preview T2 2024 : le pire est derrière nous. Surperformance vs S...

>T2 2024e : dernier trimestre compliqué - Pour le T2 2024, nous anticipons un recul organique du CA de -6.3% (vs -7.3% précédemment et -5% attendu par le consensus), incluant +1.1% d’effet prix et -7.4% pour les volumes. Le groupe vise pour le T2 une baisse organique du CA « mid single digit ». Pour la division Industrial, nous anticipons un recul de -6% lors du T2 qui devrait marquer la fin : i/ de la phase de déstockage chez certains OEMs et ii/ de l’impact né...

 PRESS RELEASE

Spar Nord opjusterer finansielle forventninger

Spar Nord opjusterer finansielle forventninger Selskabsmeddelelse nr. 41  Spar Nord hæver forventningerne for årets basisindtjening før nedskrivninger til 2.600-3.000 mio. kr. og for resultat efter skat til 1.950-2.250 mio. kr. I årsrapporten for 2023 udtrykte Spar Nord en forventning til basisindtjeningen før nedskrivninger for hele 2024 på 2.400-2.900 mio. kr., mens årets nettoresultat forventedes at blive i niveauet 1.700-2.100 mio. kr. Primært på baggrund af højere nettorenteindtægter, herunder en højere markedsrente end forventet ved indgangen til året, opjusterer Spar Nord sin ...

 PRESS RELEASE

Spar Nord upgrades its financial guidance

Spar Nord upgrades its financial guidance Company announcement no. 41  Spar Nord upgrades its full-year guidance for core earnings before impairment to DKK 2,600-3,000 million and for profit after tax to DKK 1,950-2,250 million. In its 2023 Annual Report, Spar Nord guided for full-year 2024 core earnings before impairment of DKK 2,400-2,900 million and profit after tax in the DKK 1,700-2,100 million range. Primarily on the back of higher net interest income, including higher market rates than expected going into 2024, Spar Nord upgrades its full-year guidance for core earnings before...

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Albert Broock
  • Jan Erik Gjerland

Danish banks: Time to get paid

Exceptionally low valuation and avg. cash yields >10% p.a. Significant management buffers in 2026. BUY Sydbank, Spar Nord & Jyske, HOLD Rilba.

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Albert Broock
  • Jan Erik Gjerland

Cash yields and IRB models to lift the share

Profitability to end up at adequate level. IRB models and overcapitalisation will lead to significant repatriation. Yields too high to ignore, upgrade to BUY with TP of DKK 145 (132).

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