reports
- Nicolas McBeath
- Karl-Johan Bonnevier
Coor Service Management (Buy, TP: SEK59.00) - 2024 renewals already de...
Coor reported a solid Q1, in line with expectations, and we have only tweaked our forecasts following the results. A strong contract extension trend has derisked 2024, with contract volumes YTD already matching the full year 2023 delivery, suggesting a more stable base for growth and efficiency improvements. We continue to like its FCF profile, low operating risk, scope for value-enhancing acquisitions, and strong yield support. We reiterate our BUY and have raised our target price to SEK59 (57....
- Nicolas McBeath
Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence
We expect rising stock markets and customer activity to offset much of the NII headwind from looming rate cuts, and to drive positive consensus earnings revisions for 2024–2025e. Our 2024–2026 EPS forecasts are broadly unchanged, leaving the stock trading at a 2025e P/E of c17x. With 10% upside potential to our unchanged SEK257 target price, we reiterate our HOLD.
- Nicolas McBeath
Avanza Bank (Hold, TP: SEK257.00) - Early bloom
Rising stock markets have continued to drive customer activity higher in Q1, with customers making more and larger trades. We have raised our 2024–2025e EPS by 13–17% and our target price to SEK257(227). Trading at a 2025e P/E of c18x, we find the shares fairly valued and reiterate our HOLD.
- Nicolas McBeath
February web-activity insights
Web-activity data in February points to trading activity being up c10% MOM for Avanza and c4% for Nordnet. Looking at consensus Q1 brokerage income, the data appears balanced for Avanza, but suggests some downside risk for Nordnet. The platforms are due to release their February statistics on 5 March.
- Karl-Johan Bonnevier
Coor Service Management (Buy, TP: SEK57.50) - Reset DPS allows for fut...
We believe Coor improved in Q4, well-offsetting the lost Ericsson contract, with its model still showing strong FCF. We have only tweaked our 2024–2026e EPS. We continue to like its FCF profile, low operating risk, scope for value-enhancing acquisitions, and strong yield support, with the reset 2023 DPS of SEK3.00 (7.2% yield) allowing for de-gearing towards 2x net debt/EBITDA and a 2024–2026e DPS growth scenario. We reiterate our BUY and have raised our target price to SEK57.5 (56).
- Rune Majlund Dahl
Completion of the combination between Novozymes and Chr. Hansen
Completion of the combination between Novozymes and Chr. Hansen January 29, 2024 – Company announcement no. 2 Please see attachment. CONTACT INFORMATION Investor Relations Tobias Cornelius Bjorklund Anders Enevoldsen Press Relations Lina Danstrup Attachment
All necessary regulatory approvals have been obtained for the combinat...
All necessary regulatory approvals have been obtained for the combination of Novozymes and Chr. Hansen January 26, 2024 – Company announcement no. 1 Please see attachment. Contact information Investor RelationsDisa Tuominen Press RelationsSanne Seyer-Hansen Attachment
- Nicolas McBeath
Avanza Bank (Hold, TP: SEK227.00) - Hinged on the stock market
Facing NII headwinds from likely rate cuts starting in 2024e, a stock market bull run to revive brokerage and fund commissions is likely to be needed to buoy declining earnings in 2024–2025e. Our earnings forecasts for 2024–2025 are broadly intact; we reiterate our HOLD and SEK227 target price.
- Rune Majlund Dahl
Chr. Hansen (Hold, TP: DKK582.00) - Down to HOLD, target price raised
We forecast Chr. Hansen to reach the high end of its 2023 guidance of 10–12% organic revenue growth and a 26–27% EBIT margin, but expect the combined entity (Novonesis) to issue a new guidance upon completion of the merger. As Chr. Hansen shareholders are set to receive 1.5236 new B-shares in Novonesis, the changes in our Novozymes model translate into a raised Chr. Hansen target price of DKK582 (536), and we have thus downgraded to HOLD (BUY).
- Nicolas McBeath
Avanza Bank (Hold, TP: SEK227.00) - Green shoots
Avanza’s monthly statistics suggest that the rising stock market in Q4 translated into higher customer activity at year-end, boding well for activity recovery in 2024e in our view. We have raised our 2024–2025e EPS by 2–7% and our target price to SEK227 (199). Despite some likely recovery in commissions, we expect muted earnings growth for 2024–2025 due to headwinds from likely Swedish rate cuts. Trading at 2024e P/E of c17.5x, we find the shares fairly valued, and reiterate our HOLD.
Update on the merger approval process for the combination of Novozymes...
Update on the merger approval process for the combination of Novozymes and Chr. Hansen: South Korean merger approval granted December 20, 2023 Please see attachment. Contact information Investor RelationsDisa Tuominen Press RelationsSanne Seyer-Hansen Attachment
Major shareholder announcement from Burlington Loan Management DAC
Major shareholder announcement from Burlington Loan Management DAC December 19, 2023 – Company announcement no. 12 Please see attachment. Contact information Investor RelationsDisa Tuominen Press RelationsSanne Seyer-Hansen About Chr. Hansen Chr. Hansen is a global, differentiated bioscience company that develops natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural industries. At Chr. Hansen, we are strongly positioned to drive positive change through microbial solutions. We have worked for over 145 years to enable s...
Update on the merger approval process for the combination of Novozymes...
Update on the merger approval process for the combination of Novozymes and Chr. Hansen: Conditional competition clearance from the European Commission obtained December 12, 2023 Please see attachment. Contact information Investor RelationsDisa Tuominen Press RelationsSanne Seyer-Hansen Attachment
- Nicolas McBeath
November web-activity insights
Web-activity data in November points to trading activity being roughly unchanged MOM for Avanza and up 5–10% for Nordnet. Looking at consensus Q4 brokerage income, the November data suggests c15% downside risk for Avanza, with some potential upside for Nordnet. The platforms are due to release their November statistics on 5 December.
Update on the merger approval process for the combination of Novozymes...
Update on the merger approval process for the combination of Novozymes and Chr. Hansen: The parties have submitted a remedy proposal to the European Commission. November 20, 2023 Please see attachment. Contact information Investor RelationsAnders Mohr Christensen Press RelationsSanne Seyer-Hansen Attachment
Managers' Transaction
Managers' Transaction November 2, 2023 - Announcement No. 11 Vesting of restricted share units Chr. Hansen Holding A/S has received notification pursuant to article 19 of regulation (EU) no. 596/2014 of the below transactions related to shares in Chr. Hansen Holding A/S made by persons discharging managerial responsibilities in Chr. Hansen Holding A/S and/or persons closely related with them. Please see attachment. For further information please contact: Anders Mohr Christensen, Vice President Group Strategy & Investor Relations, Tel: Disa Tuominen, Investor Relation...
Coor Service Management Holding AB: 3 directors
Three Directors at Coor Service Management Holding AB bought 8,721 shares at between 35.580SEK and 38.500SEK. The significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company...
- Karl-Johan Bonnevier
Coor Service Management (Buy, TP: SEK56.00) - Instituting action progr...
Q3 was weak, with continued profit margin pressure, but Coor is initiating an action programme for a quicker trend reversal. We have cut our 2023–2025e EPS by 12–7%, with the ambition to normalise gearing towards 2x net debt/EBITDA also suggesting a lower dividend payout than our previous expectation. We still see strong yield support and reiterate our BUY, but have cut our target price to SEK56 (75) on lower multiples assumptions.
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