Vicore Pharma (Buy, TP: SEK38.00) - ASPIRE now recruiting

The Q3 report was a non-event, but most importantly, the company initiated the phase IIb trial ASPIRE in patients with IPF in September. After quarter-end, it executed a capital increase, raising cSEK882m (before costs), which combined with cash at end-Q3 should take it to ASPIRE data read-out. We reiterate our BUY and SEK38 target price.

Renewable Weekly – 11 November 2024

Looking towards ATRAG development

Q3: Advancing ASPIRE

Vicore Pharma: Time to execute on the phase 2b

Vicore Pharma reported its Q3'24 result with i) a cash position at SEK380.4m (excl. SEK882m capital increase), ii) EBIT SEK(60.1m), and iii) operating expenses at SEK61.3m. Moving into the Q4, the main priority will be to continue to activate clinical sites and enroll patients in the phase 2b ASPIR

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Medistim (Hold, TP: NOK172.00) - Q3 report

While up 7% YOY (currency-neutral sales growth 5.3%), revenues of NOK132.8m were below our forecast of NOK136m. The EBIT margin of 24% (Q3 2023: 27%) also fell shy of our forecast of 28.6%. We still see signs that the company’s ‘going direct’ efforts should eventually bear fruit, but we now believe their effect on the revenue side and on margins will take longer to materialise than we initially expected. We also note the cardiac segment is seeing slower progress than we expected, causing us conc...

Renewable Weekly – 25 October 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Energy Morning - 24 October 2024

Energy Morning - 23 October 2024

Energy Morning - 18 October 2024

Tightening its belt due to weak demand

Renewable Weekly – 17 October 2024

This week, we summarise our Q3 previews for the sector.

Nel (Sell, TP: NOK2.50) - Continues to underperform

Reported Q3 EBITDA of NOK-90m was far below consensus (NOK-61m) and our estimate (NOK-69m). The backlog keeps declining, and cash burn continues to exceed our expectations. Still, management remains hopeful, guiding for significantly improved EBITDA in Q4 and sees signs of a market recovery. Nel plans to increase focus on costs and expects 50% lower capex YOY. We had expected even lower 2025 capex, as capacity expansion projects in Norway and the US are completed, and we have thus increased our ...

Nel: Nothing new in Q3

This morning, Nel has reported Q3 2024 revenue at NOK366m (+10% QoQ, +21% YoY), 11.5% below cons. at NOK408m. Another sequential improvement is expected in Q4 (YTD at NOK974m, vs FY24 cons. at NOK1,513m). The quarter followed a pace fairly similar pace to Q2 2024, however with a positive mix effect

Energy Morning - 16 October 2024

Low visibility and weak momentum into '25e

Nel (Sell, TP: NOK3.00) - Headwinds remain strong

While management has remained optimistic, orders have been few and far between, and most recently a large capacity reservation agreement was cancelled. We see growing impairment risk, as payments from one of its largest clients still appear to be missing (c30% booked 2023 revenues). Focus ahead will be to minimise cost burn, while still searching for new orders to support utilisation of its recent capacity additions. We reiterate our SELL, with a reduced target price of NOK3 (3.5).

Vicore Pharma: interesting play in the IPF space

On the back of its SEK882m capital increase and the start of a phase 2b trial with its lead asset buloxibutid in IPF, we take the opportunity to refresh our investment case on Vicore Pharma. Going into the phase 2b, we appreciate the diverse multi-modal MoA that buloxibutid presents which are relev

Renewable Weekly – 8 Oct 2024

This week, we highlight the Norwegian Water Resources and Energy Directorate updated LCOE estimates.