reports
- Jørgen Lian
Quantafuel (Buy, TP: NOK82.00) - Party postponed but still on
The Q4 report revealed a later Kristiansund start-up than we expected, which could affect the entire project pipeline in our view. However, we continue to stress the business’s attractiveness and believe near-term triggers in announced FIDs should drive the investment case and solidify Quantafuel’s position as the leader in chemical recycling. We reiterate our BUY and have lowered our target price to NOK82 (NOK87).
- Christoffer Wang Bjørnsen
- Håkon Astrup
- Jimi Lehtonen
- Joachim Gunell
- Jon Masdal
- Jørgen Lian
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Niclas Gehin
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Simen Mortensen
- Stefan Gauffin
- Viktor Trollsten
SPOG SPAREBANKEN OST ASA
MORG SPAREBANKEN MORE
METSB METSA BOARD OYJ CLASS B
SOR SPAREBANKEN SOR
INVESTMENT LATOUR AB
OTEC OTELLO CORP ASA
VEI VEIDEKKE ASA
ENTRA ENTRA ASA
BRAV BRAVIDA HOLDING AB
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
SPOL SPAREBANK 1 ØSTLANDET
SCH SCHIBSTED ASA CLASS A
BOL BOLIDEN AB
QFUELME QUANTAFUEL
AKH AKER HORIZONS
- Jørgen Lian
Quantafuel (Buy, TP: NOK87.00) - The waiting game continues
While we continue to wait for positive news on Skive’s operations and a firm roll-out plan, we still believe the process will be a success once the operational issues are resolved. Due to the start-up issues at Skive, we have pushed out our timing on full ramp-up of the first two plants, but believe the equity story is intact. Ahead of the Q4 results, we reiterate our BUY and have lifted our target price to NOK87 (84).
- Alexander Aukner
- David Martinsson
- Frank Maaø
- Håkon Astrup
- Jørgen Lian
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
- Viktor Trollsten
- Jørgen Lian
Quantafuel (Buy, TP: NOK84.00) - Costly hiccups
Quantafuel’s Q3 report was all about gas yields and ramp-up issues. While we acknowledge the likelihood of delays, we still believe the process will prove successful once the gas-handling bottlenecks are removed. We understand the issue concerns the transitional phase from reactor to upgrading, not the actual processes. Hence, we await better news but have pushed out in time our estimate of a large-scale roll-out by around six months. We reiterate our BUY and NOK84 target price.
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