reports
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Martin Huseby Karlsen
Nel (Sell, TP: NOK3.50) - Unwarranted share price gain
Nel’s share price is up 83% over the past month and its EV is up 145%. It is trading at a 2025e EV/sales of 3.2x on our estimates (4.0x on consensus), significantly above closest peers Nucera of 0.6x and Plug Power at 2.1x. Due to its multiples expansion, peer multiples now suggest c30–60% downside to Nel’s current share price. We believe the fuelling spin-off, Reliance agreement and EU mobility hydrogen news have increased investor focus on Nel and created near-term excitement, but struggle to ...
Schouw & Co. aktietilbagekøbsprogram, uge 21 2024
Schouw & Co. aktietilbagekøbsprogram, uge 21 2024 Den 4. marts 2024 iværksatte Schouw & Co. et aktietilbagekøbsprogram som beskrevet i selskabsmeddelelse nr. 13 af 1. marts 2024. I henhold til programmet vil Schouw & Co. i perioden fra 4. marts 2024 til 31. december 2024 købe egne aktier for et maksimalt beløb på 200 mio. kr. Aktietilbagekøbsprogrammet gennemføres i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 af 16. april 2014 om markedsmisbrug (MAR) og Kommissionens delegerede forordning (EU) 2016/1052 af 8. marts 2016 ("Safe Harbour”-reglerne). Handels...
Schouw & Co. share buy-back programme, week 21 2024
Schouw & Co. share buy-back programme, week 21 2024 On 4 March 2024, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 13 of 1 March 2024. Under the programme, Schouw & Co. will acquire shares for up to DKK 200 million during the period 4 March 2024 to 31 December 2024. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Trading day No...
- Martin Huseby Karlsen
Cadeler (Buy, TP: NOK80.00) - Minor model adjustments
We have updated our estimates ahead of the Q1 results (due at c08:00 CEST on 28 May). We forecast Q1 EBITDA of EUR-14m (no consensus available). Q1 saw limited operational activity due to planned vessel upgrades and yard stays (now completed), which could lead to one-off items in the quarter. We consider the Q1 results a non-event, with focus on the company’s outlook and guidance (2024 EBITDA of EUR105m–125m guided). Our estimates do not reflect any reimbursable effects related to the three lega...
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
Scatec ASA: Mandatory notification of trade by primary insider
Scatec ASA: Mandatory notification of trade by primary insider Oslo, 22 May 2024: Morten Henriksen, board member of Scatec ASA, has on 22 May bought 5,000 shares in Scatec ASA at an average price per share of NOK 72.90. After the transaction Morten Henriksen owns 10,000 shares in Scatec ASA. Attached is the notification of the transaction in accordance with the Market Abuse Regulation Article 19. This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation article 19 and section 5-12 of the Norwegian Securities Trading act. Attachment ...
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Nel: licence agreement with Reliance Industries
Nel yesterday announced a licensing agreement with Reliance Industries related to the long-term production of alkaline electrolysers. With Reliance Industries deeply involved in India's petrochemical ecosystem and committed to New Energy and Infrastructure investment in the country, this is a strat
Scatec ASA: Mandatory notification of trade by primary insider
Scatec ASA: Mandatory notification of trade by primary insider Oslo, 21 May 2024: Jørgen Kildahl, Chair of the Board of Scatec ASA, has on 21 May bought 4,000 shares in Scatec ASA at an average price per share of NOK 74.45. After the transaction Jørgen Kildahl owns 7,000 shares in Scatec ASA. Attached is the notification of the transaction in accordance with the Market Abuse Regulation Article 19. This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation article 19 and section 5-12 of the Norwegian Securities Trading act. Attachment ...
Storaktionærmeddelelse – Direktør Svend Hornsylds Legat
Storaktionærmeddelelse – Direktør Svend Hornsylds Legat I henhold til § 30 i lov om kapitalmarkeder oplyses det hermed, at Direktør Svend Hornsylds Legat i henhold til § 38, stk. 1, i lov om kapitalmarkeder, har meddelt Aktieselskabet Schouw & Co., at Direktør Svend Hornsylds Legat den 17. maj 2024, som følge af den i Aktieselskabet Schouw & Co. gennemførte kapitalnedsættelse, har øget sin beholdning af aktier i selskabet til 15,12% af den samlede aktiekapital. Besiddelsen overstiger dermed 15%, jf. § 38 i lov om kapitalmarkeder. Aktieselskabet Schouw & Co. Jørgen Dencker...
Major shareholder announcement – Direktør Svend Hornsylds Legat
Major shareholder announcement – Direktør Svend Hornsylds Legat Pursuant to section 30 of the Danish Capital Markets Act, it is hereby announced that Direktør Svend Hornsylds Legat has notified Aktieselskabet Schouw & Co. pursuant to section 38(1) of the Danish Capital Markets Act that Direktør Svend Hornsylds Legat on 17 May 2024, as a result of the capital reduction carried out in Aktieselskabet Schouw & Co., increased its holding of treasury shares in the company to 15.12% of the total share capital. The holding thus exceeds 15%, cf. section 38 of the Danish Capital Markets Act. ...
Schouw & Co. aktietilbagekøbsprogram, uge 20 2024
Schouw & Co. aktietilbagekøbsprogram, uge 20 2024 Den 4. marts 2024 iværksatte Schouw & Co. et aktietilbagekøbsprogram som beskrevet i selskabsmeddelelse nr. 13 af 1. marts 2024. I henhold til programmet vil Schouw & Co. i perioden fra 4. marts 2024 til 31. december 2024 købe egne aktier for et maksimalt beløb på 200 mio. kr. Aktietilbagekøbsprogrammet gennemføres i henhold til Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 af 16. april 2014 om markedsmisbrug (MAR) og Kommissionens delegerede forordning (EU) 2016/1052 af 8. marts 2016 ("Safe Harbour”-reglerne). Handels...
Schouw & Co. share buy-back programme, week 20 2024
Schouw & Co. share buy-back programme, week 20 2024 On 4 March 2024, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 13 of 1 March 2024. Under the programme, Schouw & Co. will acquire shares for up to DKK 200 million during the period 4 March 2024 to 31 December 2024. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Trading dayNo. of share...
Gennemførelse af kapitalnedsættelse i Schouw & Co.
Gennemførelse af kapitalnedsættelse i Schouw & Co. Som oplyst i selskabsmeddelelse nr. 21 blev det på Schouw & Co.s ordinære generalforsamling den 10. april 2024 besluttet at nedsætte selskabets aktiekapital fra nominelt DKK 255.000.000 til nominelt DKK 250.000.000 ved annullering af 500.000 stk. aktier a DKK 10 fra selskabets beholdning af egne aktier. Offentliggørelsen af kapitalnedsættelsen har fundet sted i Erhvervsstyrelsens it-system den 17. april 2024. Fristen på fire uger, inden for hvilken selskabets kreditorer kan anmelde deres krav til selskabet, er udløbet. Selskabet har i...
Reduction of share capital in Schouw & Co.
Reduction of share capital in Schouw & Co. As stated in company announcement no. 21, it was decided at Schouw & Co.’s annual general meeting on 10 April 2024 to reduce the company’s share capital from nominally DKK 255,000,000 to nominally DKK 250,000,000 by the cancellation of 500,000 shares of DKK 10 from the company's holding of treasury shares. The capital reduction was published via the electronic information system of the Danish Business Authority on 17 April 2024. The four-week period, within which the company's creditors can notify the company of their claims, has expired. The...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Martin Huseby Karlsen
Cadeler (Buy, TP: NOK80.00) - Record contract overlooked
As offshore wind names yesterday were affected by an inferred possible slowdown in the US in a scenario with a change in the presidency (limited relevance for Cadeler), the company’s new solid job for 2027e execution was overlooked. With an all-in dayrate of cEUR400k and an annual vessel EBITDA run-rate above EUR100m, the profitability of the contract exceeds our forecast by c50%. We have raised our 2027e EBITDA, which would imply a EV/EBITDA of 3.1x, dropping to 2.1x in a scenario with all unit...
- Johan Skoglund
OX2 (Hold, TP: SEK60.00) - Offer unlikely to be raised
On 13 May, EQT announced it had launched a take-private bid for OX2 at SEK60/share, representing a 43% premium to the previous close. We believe the bid is somewhat low given OX2’s 2024–2025e project sales pipeline and the depressed share price prior to the bid. However, we see a raised offer as unlikely, since the main owner, Peas Industries (45.6% of the shares), has irrevocably accepted the offer, and the acceptance hurdle is set at 50%. We have downgraded OX2 to HOLD (BUY) and cut our target...
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