NRC Group (Hold, TP: NOK4.00) - No signs of margin recovery

As expected, Q3 EPS was close to zero, with still-weak EBIT margins following the ETM project write-downs in Q2. The 2024 guidance was unchanged, for a negative adj. EBIT margin of 0.9–1.5%, but positive in 2025 (at least 2%) and 5%+ longer-term. While we see significant upside potential if NRC reaches the 5% target, its poor track record means we are still cautious about Q4–Q1, for which we expect EPS to again be close to zero. We reiterate our HOLD, but have raised our target price to NOK4 (3....

Significant upside - uncertainty remains

Operations in line, uncertainty persists

Rana Gruber (Buy, TP: NOK90.00) - Magnetite set for growth

Rana Gruber reported adjusted Q3 EPS of NOK2.4, in line with our estimate (no consensus), while EBITDA of NOK125m beat our forecast of NOK103m, due to a better-than-expected magnetite price. The company maintained its payout ratio of 60%, leading to a DPS of NOK1.5, below our NOK1.7 estimate. We reiterate our BUY and NOK90 target price.

Refinanced – time to deliver

Energy Morning - 13 November 2024

Renewable Weekly – 11 November 2024

September: Pulp shipments -10% y-o-y

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

Vestas : Caution still the watchword

>Outperform recommendation, target price of DKK 135 (vs DKK 160) - After the Q3 2024 results release and the conference call, we have revised down our sequence of EPS for 2024-2026 and we reiterate our Underperform rating (despite a performance of -44% YtD), with a target price adjusted to DKK 135). Although the situation is normalising for Power Solutions, we see several risks, particularly with regard to the medium-term EBIT target (group margin expected at 10%), i....

Vestas Wind Systems (Buy, TP: DKK215.00) - Service, service and servic...

The Q2 profit warning noted underlying weaknesses in the Service business, and the Q3 report showed continued profitability issues for Service. Thus, we have become even more conservative on the Service business and have cut our group adj. EBIT by c9% on average in 2024–2026e, reduced our target price to DKK215 (235) in line with these cuts, and reiterate our BUY.

Vestas : La prudence reste de mise

>Opinion Sous-performance OC 135 DKK (vs 160 DKK) - Post publication et conférence call, nous ajustons en baisse notre séquence d’EBITDA 2024/26e de 25% en moyenne et réitérons notre recommandation Sous-performance (malgré une performance YtD de -44%) avec un OC abaissé à 135 DKK. Même si la situation est en voie de normalisation du côté de Power Solutions, nous identifions plusieurs risques notamment sur l’objectif d’EBIT à MT (marge groupe attendue à 10%) à savoir ...

Confidence hit

Weak Q3 and guidance in reality downgraded

Renewable Weekly – 1 November 2024

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

Rana Gruber (Buy, TP: NOK90.00) - Dividends still set to be solid

Rana Gruber (RANA NO, Buy) - Dividends still set to be solid (18 pages)

OMDA (Buy, TP: NOK35.00) - Profitability needed

We have trimmed our 2024–2026e sales ahead of the Q3 results, partly offset by Predicare, and increased our opex estimates, as cost reductions are set to take longer than we expected. Given the company’s financial position, we believe profitability is needed to avoid a liquidity risk. Still, we continue to expect organic growth and the cost focus to drive earnings momentum. We reiterate our BUY, but have cut our target price to NOK35 (40) to reflect more cautious estimates.

Energy Morning - 30 October 2024