reports
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 26/2025 - May 12, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The to...
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
Share buy-back program
Share buy-back program COMPANY ANNOUNCEMENT NO 25/2025 - May 5, 2025 On February 25, 2025, Royal Unibrew initiated a share buy-back program, cf. company announcement no. 3/2025 of February 25, 2025. The program is carried out under Art. 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse, as amended (the Market Abuse Regulation - MAR) and the Commission Delegated Regulation (EU) No 2016/1052 of March 8, 2016. The share buy-back program is expected to be realized in the period from February 26, 2025, to August 15, 2025. The tot...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Simen Mortensen
More Q1 results and a proposed delisting
The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Christoffer Wang Bjørnsen
Nordic Semiconductor (Buy, TP: NOK160.00) - Not too bad given tail-end...
While implied guidance for H1 revenues is ~1–4% below our forecast and consensus, the underlying sequential performance is directionally in line with the broader set of peers to have reported to date. We find this growth and gross margin profile solid, given we are at the tail-end of the life of Nordic’s 10-year-old 55nm technology platform. Combined with the arguably unprecedented level of uncertainty for the company’s customers, we find it achieving a ~50% gross margin and accelerated Cellular...
Nordic Semiconductor ASA: 1 director
A director at Nordic Semiconductor ASA bought 20,090 shares at 102.500NOK and the significance rating of the trade was 50/100. 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 last two y...
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Jesper Ingildsen
Royal Unibrew (Buy, TP: DKK670.00) - Q1 softer than expected
Royal Unibrew’s Q1 was affected by a less-favourable Easter effect in the important Northern Europe region. While this was expected to some degree, the c4% top-line and c10% EBIT misses to consensus were a negative surprise. We reiterate our BUY, but have lowered our target price to DKK670 (690).
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots
We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Construct. & Real Estate Research
- Åsne Holsen
- Bengt Jonassen
- Simen Mortensen
Entra (Buy, TP: NOK130.00) - Net lettings slip again
Q1 EBIT was broadly in line with our forecast, but financing costs were higher following a refinancing, and net financing was guided higher than we expected. However, net lettings were weak (again) at NOK-73m (lost 2.36% of its annual rent income), and were down c6.1% over the past three quarters. We have cut our 2025e EPS by 10%, but reiterate our BUY and NOK130 target price, with our key investment case the upside potential in the stock in an M&A scenario.
Annual General Meeting 2025
Annual General Meeting 2025 COMPANY ANNOUNCEMENT NO 24/2025 - April 29, 2025 On Tuesday, 29 April 2025 at 4 pm CEST Royal Unibrew A/S held its Annual General Meeting at which the below resolutions were made. Agenda and full contents of the proposals: 1. Report on the Company’s business activities during the yearThe Board of Directors’ report was noted. 2. Presentation of the audited Annual Report for 2024 for approval The Company’s Annual Report for 2024 was adopted by the Annual General Meeting. 3. Resolution to discharge the Board of Directors and the Executive Managem...
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