reports
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor reported Q1 results in line with expectations. However, we continue to see valuation downside due to Empire Wind risks and a likely sharp YOY drop in 2026e buybacks. OKEA also reported in-line Q1 results. In other news, Equinor announced it agreed to sell its 60% Peregrino stake at a solid price, although we believe the proceeds would have to support near-term shareholder returns to drive a positive share price reaction.
- Josseline Jenssen
- Lorena Reich
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Ahmed Ben Salem
- Thijs Berkelder
- Ahmed Ben Salem
- Thijs Berkelder
Panoro Energy ASA: 1 director
A director at Panoro Energy ASA maiden bought 25,000 shares at 23.150NOK and the significance rating of the trade was 70/100. 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 ye...
- Daniel Slater
Arrow Exploration (AXL LN) - Full year 2024 results - BUY
Arrow has released its full year 2024 results, demonstrating the cash generation achievable from its onshore Colombia production, and the ability to generate overall free cash flow while still implementing an extensive drilling programme to support and grow production. We expect more of the same over the rest of 2025, with a total 23 well drilling programme currently underway.
- Steffen Evjen
- Stephane Foucaud
Arrow Exploration Corp. (AIM: AXL): Second drilling rig to be mobilize...
• 4Q24 net production was 4,738 boe/d. The YE24 cash position had been reported previously and there are no surprises in the remainder of the YE24 balance sheet. • The existing rig is being mobilized to Alberta Llanos to drill two new horizontal development wells in 2Q25. • In May, a second rig will be mobilized to undertake development drilling at Rio Cravo Este and Carrizales Norte. • The company has maintained its US$51 million capital expenditure plan for 2025, which includes drilling 23 wel...
- Daniel Slater
Star Energy (STAR LN) - Full year 2024 results - Corporate
Star has released its full year results to the end of December 2024. These show another year of the company’s onshore UK production portfolio providing cash flows to reinvest in the oil and gas business also to underpin growth CAPEX for the developing geothermal business. We expect more of the same going forward, with ongoing cash flows allowing investment across the portfolio.
- Steffen Evjen
Weekly news, topics & discussion
This week, Vår Energi reported Q1 results very much in line with expectations. The company also reaffirmed its 2025 guidance and maintained its dividend. Also, OKEA reported a solid Q1, with production and prices slightly above our estimates. While a technical goodwill impairment reduces its dividend basket for 2025, we view this as non-material, as we do not expect any dividends before 2027. Meanwhile, we are 5% below consensus on Q1e EBIT ahead of Equinor’s Q1 results on 30 April (07:00 CET), ...
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Ahmed Ben Salem
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/04/2025
Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%). This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production. The higher than expected reserves addition is driven by robust reservoir performance in G...
- Ahmed Ben Salem
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
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