reports
- ABGSC Healthcare Research
- Morten Larsen
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Major Risk-On Developments; Bullish Outlook Intact Over the past two weeks we have discussed the possibility that further downside was limited (4/23/24 Compass) and the mounting evidence that suggests the lows may be in for this pullback (4/30/24 Compass). Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below. As a result, we continue to believe the lows are in for this pullback, and we see the pullback to the 100-day MA on t...
EME EMCOR GROUP
GBX GREENBRIER COMPANIES INC.
BKD BROOKDALE SENIOR LIVING INC.
TRN TRINITY INDUSTRIES INC.
MTZ MASTEC INC.
MATX MATSON INC.
ENSG ENSIGN GROUP INC.
ASC ARDMORE SHIPPING
GNK GENCO SHIPPING & TRADING LTD.
LCM COSTAMARE INC.
SBLK STAR BULK CARRIERS CORP.
GATX GATX CORPORATION
KBR KBR INC.
KEX KIRBY CORPORATION
RAIL FREIGHTCAR AMERICA INC.
WAB WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
FSTR L.B. FOSTER CO.
NMM NAVIOS MARITIME PARTNERS
GSL GLOBAL SHIP LEASE INC. CLASS A
DAC DANAOS
EGLE EAGLE BULK SHIPPING
NHC NHC COMMUNICATIONS
J INC.
JACOBS SOLUTIONS INC.
- Rune Majlund Dahl
GN Group (Buy, TP: DKK250.00) - Management setting the direction
We view the CMD as another step in rebuilding credibility. Key highlights included new financial aspirations for 2025–2028, insights into the One-GN strategy and deep dives into key markets, with management providing long-term market growth outlooks. We believe GN is ahead of its deleveraging plan and investor focus has shifted to the underlying business. We reiterate our BUY and DKK250 target price.
Telefonaktiebolaget L M Ericsson: 1 director
A director at Telefonaktiebolaget L M Ericsson bought 62,100 shares at 57.256SEK and the significance rating of the trade was 87/100. 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's directors over the las...
- Jørgen Lian
Star Bulk (Hold, TP: USD27.00) - Raised estimates, but higher risk
We have raised our near-term estimates on current market strength. However, fundamental Chinese import demand continues to be in question, while we believe the elevated asset values and improved P/NAV create a precarious situation for the months ahead. Hence, we see a deteriorating risk/reward and remain materially below consensus for 2025e. We have downgraded to HOLD (BUY), but raised our target price to USD27.0 (25.0) on recent market tailwinds.
- Jørgen Lian
Genco Shipping & Trading (Hold, TP: USD22.60) - Risk/reward deteriorat...
While we believe Genco remains a discounted entry into dry bulk exposure at a P/NAV of 0.77x, the recent share price rise and freight market strength have put more focus on the downside risks to our dry bulk sector outlook. Genco is set for a solid first half of the year on our estimates, but we find the risk/reward less attractive medium-term. Hence, we have downgraded to HOLD (BUY), but raised our target price to USD22.6 (22.5).
- Jørgen Lian
2020 Bulkers (Sell, TP: NOK154.00) - Price surge adds downside risk
Recent strength in the dry bulk market combined with an even stronger share price performance leaves current pricing with material downside potential, in our view. Despite its impressive financial strength after asset sales and refinancing, we question the longevity of China’s record-high run-rate import demand, and find the elevated asset values and strong NAV valuations a fragile situation in months ahead. Hence, we have downgraded to SELL (HOLD), but have raised our target price to NOK154 (15...
- Jørgen Lian
Golden Ocean (Sell, TP: NOK140.00) - Likely topping out for now
We find the recent freight market strength and even stronger share price performance exaggerated given our dry bulk sector outlook. Chinese import demand is in question from the record-high run-rate due to flailing fundamental demand. Elevated asset values versus our rate expectations leave a fragile situation for valuations and we believe the risks outweigh the upside potential medium-term. Hence, we have downgraded to SELL (HOLD) and have cut our target price to NOK140 (142).
- Matthew Bryson
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
DELL DELL TECHNOLOGIES INC CLASS C
SMCI SUPER MICRO COMPUTER
STX INC.
SEAGATE TECHNOLOGY HLDGS PLC
- Wedbush Research
2454 MEDIATEK INC.
VMW VMWARE INC. CLASS A
QRVO QORVO INC.
SHAK SHAKE SHACK INC. CLASS A
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WLDN WILLDAN GROUP
WFC WELLS FARGO & COMPANY
WEN WENDY'S COMPANY
WDC WESTERN DIGITAL CORPORATION
TXRH TEXAS ROADHOUSE INC.
SQ SQUARE INC. CLASS A
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RWT REDWOOD TRUST INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
FTNT FORTINET INC.
EXPE EXPEDIA GROUP INC.
CYBR CYBERARK SOFTWARE LTD.
CROX CROCS INC.
AXTI AXT INC.
ARDX ARDELYX INC
WD WALKER & DUNLOP INC.
BJRI BJ'S RESTAURANTS INC.
GRBK GREEN BRICK PARTNERS
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
CELH CELSIUS HOLDINGS INC.
VTR VENTAS INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
PEAK HEALTHPEAK PROPERTIES INC.
SMCI SUPER MICRO COMPUTER
RKT INC.
ABNB ROCKET COMPANIES
ELEV AIRBNB INC. CLASS A
LBPH ELEVATION ONCOLOGY
MRVL LONGBOARD PHARMACEUTICALS
STX MARVELL TECHNOLOGY INC
GFS SEAGATE TECHNOLOGY HLDGS PLC
COIN GLOBALFOUNDRIES INC
DBD COINBASE GLOBAL INC
NCR DIEBOLD NIXDORF INC
NCR NIGERIA
- Matthew Bryson
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MXL MAXLINEAR INC
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
DELL DELL TECHNOLOGIES INC CLASS C
SMCI SUPER MICRO COMPUTER
STX INC.
SEAGATE TECHNOLOGY HLDGS PLC
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we raised our target price on Latour to SEK285 (280), but reiterated our HOLD; 2) Kinnevik-owned Lunar raised SEK282m of new capital; and 3) we will host an investor lunch with Latour’s CEO Johan Hjertonsson at our Stockholm office next week.
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK250.00) - Gaining confidence in management
The Q1 results beat our expectations and consensus, with c5% organic growth and a 12.5% EBITA margin, driven by the Hearing division, while Enterprise and Gaming & Consumer saw c0% organic revenue growth in still-muted markets. The 2024 guidance was maintained for organic sales growth of 2–8%, an EBITA margin of 12–14%, and FCF of >DKK700m. At the upcoming CMD, we expect focus to be on One-GN and market outlook. We reiterate our BUY, and have raised our target price to DKK250 (230).
- Konrad Zomer
- Thomas Zlowodzki
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Oliver Metzger
GN Store Nord : Strong hearing aid business, stabilisation at Enterpri...
>Q1 review – Strong beat on bottom line - GN Store Nord achieved Q1 revenues of DKK 4,303m (+2.1% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q1 adj. EBITA reached DKK 538m (+218% y-o-y, margin 12.5%), which was a strong beat by 35% of our estimates and by 32% vs consensus. EPS reached DKK 1.74 (vs DKK 0.87/0.85 expected). The 2024 guidance is confirmed.GN Hearing - Excellent organic growth on new Nexia platform - GN Hearing’s Q1 revenues of DKK 1,737m (+7....
- ABGSC Healthcare Research
- Morten Larsen
Interim Report Q1 2024: GN Store Nord delivered organic revenue growth...
Interim Report Q1 2024: GN Store Nord delivered organic revenue growth of 5% reaching an EBITA margin of 12.5% Highlights GN delivered continued execution across the three divisions resulting in 5% organic revenue growth for the GroupThe Hearing division delivered continued market share gains leading to 14% organic revenue growth, resulting in 8.2 percentage point increase in the divisional profit margin supported by synergies and a successful ReSound Nexia roll-outThe Enterprise division continued its relentless commercial execution in a stabilizing market leading to 0% organic revenue gr...
- Jørgen Lian
Safe Bulkers Minor model adjustments
We have updated our estimates, owing to the Q1 report and its updated contract backlog at healthy rates providing visibility on cash flows for the coming quarters. The market is still pricing Safe Bulkers at c50% of NAV, which screens at a noticeable discount to peers’ average P/NAV of ~0.8x. This, along with its contract portfolio, continues to provide relatively attractive exposure to the dry bulk segment, despite potential downside risk to demand on fundamental drivers in China (importer of ~...
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