reports
- Steffen Evjen
Aker BP (Buy, TP: NOK290.00) - Capex concerns looming
While investor concerns appear tilted towards a near-term production decline, we are increasingly concerned that consensus FCF will face meaningful negative revisions, as capex assumptions beyond 2026 look far too low. For 2027–2030, our FCF estimates are ~40% below consensus. We reiterate our BUY, but have cut our target price to NOK290 (325) on a lower fair P/NAV.
- Steffen Evjen
Webcast details for Orrön Energy’s Q1 presentation
Webcast details for Orrön Energy’s Q1 presentation Orrön Energy AB (“Orrön Energy”) will publish its financial report for the first quarter 2024 on Tuesday, 14 May 2024 at 07:30 CEST, followed by a webcast at 14.00 CEST. Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and describing the latest developments in Orrön Energy at a webcast on 14 May 2024 at 14:00 CEST, followed by a question-and-answer session. Registration for the webcast presentation is available on the website and the below link: For further information, please contact: Rob...
Inbjudan till webbpresentation av Orrön Energys rapport för det första...
Inbjudan till webbpresentation av Orrön Energys rapport för det första kvartalet 2024 Orrön Energy AB (“Orrön Energy”) publicerar den finansiella rapporten för det första kvartalet 2024 på tisdagen den 14 maj 2024 klockan 07.30, vilket följs av en webbpresentation klockan 14.00. Lyssna till Daniel Fitzgerald, vd och Espen Hennie, CFO som kommenterar rapporten och den senaste tidens utveckling inom Orrön Energy vid en webbpresentation den 14 maj 2024 klockan 14.00. Presentationen kommer att åtföljas av möjlighet att ställa frågor. Registrering för webbpresentationen finns på hemsid...
- Steffen Evjen
Notifiable trading – Equinor ASA
Notifiable trading – Equinor ASA A close associate to a primary insider in Equinor ASA (OSE: EQNR, NYSE: EQNR) has sold shares in Equinor ASA. Alf Torstensen, close associate to executive vice president Siv Helen Rygh Torstensen, has on 30 April 2024 sold 350 shares in Equinor ASA at a price of NOK 300.90 per share. Details of the sale of shares are set forth in the attached notification. This is information that Equinor ASA is obliged to make public pursuant to Article 19 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegi...
Meldepliktig handel - Equinor ASA
Meldepliktig handel - Equinor ASA En nærstående til en primærinnsider i Equinor ASA (OSE: EQNR, NYSE: EQNR) har solgt aksjer i Equinor ASA. Alf Torstensen, nærstående til konserndirektør Siv Helen Rygh Torstensen, har den 30. april 2024 solgt 350 aksjer i Equinor ASA til en pris per aksje på NOK 300,90. Detaljer om salget av aksjer følger av vedlegget til denne meldingen. Denne opplysningen er informasjonspliktig etter artikkel 19 i EU Market Abuse Regulation samt verdipapirhandelloven §5-12. Vedlegg
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
Equinor : Q1 2024 results top expectations thanks to solid cash flow
>Q1 2023 results 5% ahead of expectations at the operating level and 26% at the net income level - Q1 2024 adjusted EBIT totalled $ 7.5bn, 5% above the consensus, and adjusted net profit was $ 2.57bn, 26% above expectations, with an effective tax rate of 65.8% vs 78% in Q3, with a pleasant surprise in MM&P.Earnings buoyed by the good performance from MM&P - Earnings for the E&P division totalled $ 6.75bn (vs $ 8.4bn in Q4), down by 20% q-o-q and in...
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
SOU SOUND ENERGY PLC
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
NOG NOSTRUM OIL & GAS PLC
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
I3E I3 ENERGY
RHC ROYAL HELIUM LTD
TRIN TRINITY CAPITAL INC
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
- Steffen Evjen
Equinor (Hold, TP: NOK300.00) - Upside still hinges on discipline
Equinor reported Q1 adj. EBIT 3% above our estimate and 5% above company-compiled consensus. Moreover, FCF was exceptionally strong at USD6.3bn, albeit helped by USD3.2bn in a working capital tailwind, which to our understanding is unlikely to reverse. We have increased our 2024e FCF to USD11bn (~13% FCF yield), which would leave Equinor with a ~USD3bn net cash position by year-end. Consequently, we expect this to trigger an extension of extraordinary dividends into 2025, which should be welcome...
- Ahmed Ben Salem
Equinor : Résultats T1 supérieurs aux attentes – Cash-flow solide
>Des résultats T1 2024 5% supérieurs aux attentes au niveau opérationnel et 26% au niveau du RN - L’EBIT ajusté du T1 2024 s’est établi à 7.5 Md$, 5% supérieur au consensus et le résultat net ajusté à 2.57 Md$, 26% supérieur aux attentes avec un taux d’impôts effectif à 65.8% vs 78% au T3 avec une bonne surprise dans MM&P.Des résultats aidés par la bonne performance de MM&P - Le bénéfice de l'E&P ressort à 6.75 Md$ (vs 8.4 Md$ au T4) en baisse de 2...
- ABGSC Oil & Oil Services Research
- John Olaisen
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Charlotte Vaisse
- Emmanuel Matot
- Jean-Baptiste Rouphael
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
LHN LAFARGEHOLCIM LTD.
REL RELX PLC
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
CA CARREFOUR SA
BVI BUREAU VERITAS SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
RI PERNOD RICARD SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
NESN NESTLE S.A.
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
SY1 SYMRISE AG
01913 PRADA S.P.A.
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
KGX KION GROUP AG
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
IBE IBERDROLA SA
AZN ASTRAZENECA PLC
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
HFG HELLOFRESH SE
ADYEN ADYEN NV
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
AZE AZELIS GROUP NV
ATCO A ATLAS COPCO AB
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
- Ahmed Ben Salem
- Thijs Berkelder
Aker BP : Q1 results beat expectations, pressure on cash and few catal...
>Operating profit 4% higher than expected - Aker BP released its Q1 2024 results showing revenues fully in line with expectations but EBITDA and EBIT 4% higher than expected at $ 2.8bn (-17.7% q-o-q) and € 2.2bn (+1.9% q-o-q), respectively. Net profit was 13% higher than expected at $ 531m, boosted by a tax rate of 75% vs 92% in Q4. CFFO was virtually flat at $ 1.45bn and FCF was down -26% to $ 339m.Good operating performance but upcoming maintenance st...
- Ahmed Ben Salem
Equinor : Q1 results beat expectations by 5% at the operating level an...
>A 5% beat on operating profit and 26% on adjusted net income - Q1 2024 adjusted EBIT came in at $ 7.53bn (vs $ 8.68bn in Q4; -13.2% q-o-q), 4% above our estimates and 5% ahead of consensus. Production declined by 1.3% q-o-q and was in line with expectations and expected to remain flat in 2024 vs 2023. Adjusted net income was robust at $ 2.574bn (vs $ 1.88bn in Q4), 26% above the consensus with a lower-than-expected effective tax rate at 65.8% vs 72% expected. §h...
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