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.
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.
Helped by strong trading income, HELG reported a Q1 ROE of ~12% versus its >11% target, despite the pre-announced elevated loan losses. With one less interest day and margin pressure, ‘real NII’ fell 2.2% QOQ. While down QOQ, the CET1 ratio remained solid at 18.1% (>16.5% target). We have cut our 2025–2026e EPS by ~3–5%, driven by lower NII, and lowered our target price to NOK134 (139). Trading at a 2025e P/E of ~9.0x, we continue to find a more attractive risk/reward elsewhere in the sector and...
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. ...
This morning, Nel announced a multi-year capacity reservation agreement (CRA) with Hy Stor Energy, representing more than 1GW of alkaline electrolyser capacity combined over 2025/2027, for its Mississippi Clean Hydrogen Hub (MCHH) project. The project is still pending regulatory approvals, financin
Helped by further NII expansion and a loan-loss downtick, Pareto Bank reported a solid Q1 ROE of 14.3%. While the CET1 ratio fell QOQ after strong lending growth (2.2% QOQ), the bank has a still-solid ~1.4%-point headroom to its 16.7% target. With the stock trading at a 2025e P/E of ~6.7x, we continue to find the valuation attractive. We reiterate our BUY and have raised our target price to NOK68 (63).
With NII at still-high levels and moderate loan losses, MORG reported a Q1 ROE of ~13% (>12% target), despite elevated cost inflation. Even with solid lending growth, the CET1 ratio rose ~25bp QOQ, leaving ample 2.3%-points headroom to its 16.15% requirement (including P2G). We have cut our 2025–2026e EPS by ~2–4%, driven by lower core revenues and higher costs, and in turn trimmed our target price to NOK92 (95). With the stock trading at a 2025e P/E of 9.5x, we continue to find a more attractiv...
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. - ...
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. - ...
>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...
>Un résultat opérationnel 4% supérieur aux attentes - Aker BP a publié ses résultats du T1 2024 avec des revenus parfaitement en ligne mais un EBITDA et EBIT 4% supérieurs aux attentes à respectivement 2.8 Md$ (-17.7% QoQ) et 2.2 Md$ (+1.9% QoQ). Le résultat net ressort 13% supérieur aux attentes à 531 M$ bénéficiant d’un taux d’impôts à 75% vs 92% au T4. Le CFFO est quasi stable à 1.45 Md$ et le FCF est en baisse de 26% à 339 M$.Une bonne performance op...
>Q1 2024 results beat expectations by 4% at the operating level and by 13% at the NI with lower taxes - AkerBP just released its Q1 2024 results with 1/ revenues of $ 3,078m, down 13.4% q-o-q and 1% ahead of the consensus. 2/ EBITDA totalled $ 2,787m, down 12.2%, 1.3% below our expectations and 4% ahead of estimates. EBIT came in at $ 2,194m, in line with our expectations and 4% ahead of the consensus. Adjusted net income was robust at $ 531m, up 223% q-o-q and 13% ah...
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