reports
- Martin Huseby Karlsen
Edda Wind (Buy, TP: NOK30.00) - Well positioned
While EBITDA was broadly in line with expectations, the Q3 report gave early signs of improved operational reliability, which we believe will be key to narrowing the discount to underlying values (the stock is trading at 0.6x P/NAV). Recent contract awards (including a new 12+12-month contract announced with the results) have made the fleet fully booked until the 2025 summer season, and three of the four 2025 newbuild deliveries are now booked directly following yard delivery. We reiterate our B...
- ABGSC Renewable Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Oliver Dunvold
- Stian Wibstad
- ABGSC Renewable Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Martin Huseby Karlsen
Edda Wind (Buy, TP: NOK30.00) - Fleet growth on horizon
We are largely in line with consensus ahead of the Q3 results. Having acted to address operating and financial challenges faced in recent years, we believe Edda Wind is now well placed for earnings growth, with two newbuild start-ups in Q3 and another six due to be delivered in the coming quarters. In October, it secured backlog for its near-term open capacity. In our view, securing backlog for its remaining 2025 deliveries and demonstrating a stable underlying performance will be key to narrowi...
Kerecis included on the list of covered products for Diabetic Foot Ulc...
Kerecis included on the list of covered products for Diabetic Foot Ulcers in the final LCD policy On 14 November 2024, the U.S. Centers for Medicare & Medicaid Services (CMS) issued a final Local Coverage Determination (LCD)1 policy regarding skin substitute grafts/cellular and tissue-based products for the treatment of Diabetic Foot Ulcers (DFUs) and venous leg ulcers (VLUs) in the Medicare population. The final LCD policy confirms the introduction of a technical qualification and a clinical efficacy qualification, proposed in a draft LCD policy2 earlier this year. The final decision al...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
2020 Bulkers Minor model adjustments
We have updated our estimates following the Q3 results and latest business update. We continue to see significant risk to what we view as an imbalance between China’s excessive raw material imports and its underlying demand, showcased by ~5% growth in iron ore imports YTD being met by rapidly growing steel exports, with October up 41% YOY, while coal inventories are setting new highs. Bottom line, all else being equal, we calculate the current NAV/share would drop from NOK151 to NOK119 by applyi...
- ABGSC Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
Coloplast A/S - Indkaldelse til ordinær generalforsamling 2024
Coloplast A/S - Indkaldelse til ordinær generalforsamling 2024 Den ordinære generalforsamling i Coloplast A/S afholdestorsdag den 5. december 2024 kl. 15:30på Coloplast A/S’ adresse, Holtedam 3 (Aage Louis-Hansen Auditorium), Humlebæk, Danmark.Indkaldelsen til den ordinære generalforsamling er vedlagt. For yderligere information, kontakt venligstInvestorer og analytikere Anders Lonning-SkovgaardExecutive Vice President, CFO Tlf. 4911 1111 Aleksandra Dimovska Vice President, Investor Relations Tlf. 4911 1800 / 4911 2458 E-mail: Presse og medier Peter Mønster Sr. Media Relations...
Coloplast A/S - Notice of Annual General Meeting 2024
Coloplast A/S - Notice of Annual General Meeting 2024 The Annual General Meeting of Coloplast A/S will be held onThursday, 5 December 2024 at 3:30 pm CETat the premises of Coloplast A/S, Holtedam 3 in Humlebæk (the Aage Louis-Hansen Auditorium), Humlebæk, Denmark.The notice of the Annual General Meeting is enclosed. For further information, please contact Investors and analysts Anders Lonning-Skovgaard Executive Vice President, CFO Tel. Aleksandra Dimovska Vice President, Investor Relations Tel. / Email: Press and media Peter Mønster Sr. Media Relations Manager Tel....
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Karl-Johan Bonnevier
New Wave Group (Buy, TP: SEK126.00) - Continued short-term pain in Q3
New Wave Group performed relatively well in Q3 against a still-weak retail backdrop, but future growth initiatives continued to burden short-term results, with Q3 EBIT 15% below our forecast. We have cut our 2024–2026e EPS by 12–4%. Strong FCF and financials suggest the company has ample resources to drive its organic initiatives, potential M&A, and shareholder-friendly capital allocations. We reiterate our BUY, but have reduced our target price to SEK126 (130).
- Simen Mortensen
Selvaag Bolig (Sell, TP: NOK30.00) - Q3 miss, Urban Property covenants
While Q3 was an expected low season, with few deliveries, EPS was below our forecast on higher costs. The POC EBIT margin also fell more than we estimated, but we expect this to improve in the coming quarters with more starts. The company said it has renegotiated the terms with Urban Property, and the NIBD/EBITDA covenant will now use the POC (NGAAP) figures (previously volatile IFRS figures), thereby removing the potential 2025 covenant breach. However, we continue to find consensus recovery ex...
- ABGSC Construct. & Real Estate Research
- Bengt Jonassen
- Njål Kleiven
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Oliver Metzger
Coloplast : FY review – Incorporating some cost headwinds for 2025
>Q4 review – Slight beat on top and bottom line - Coloplast’s Q4 2024 revenues were slightly ahead of expectations driven by a better-than-expected performance at Continence care (10% organic growth) and at Voice & Respiratory care (12% organic growth). On the bottom line, the company achieved an adj. EBIT 2% ahead of expectations. Guidance incorporates some cost headwinds - For 2025, Coloplast expects organic growth of around 8-9% with a neutral fore...
- ABGSC Healthcare Research
- Morten Larsen
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