Gentian Diagnostics (Buy, TP: NOK67.00) - Strong start to 2025

Q1 product sales were record-high at NOK44.5m (up 16% YOY, up 13% organically), driven by all products and geographical areas. EBITDA was NOK14m (Q1 2024: NOK4.8m), and the gross margin improved YOY to 64% (Q1 2024: 53%). Following minor estimate revisions, we reiterate our BUY and NOK67 target price.

Terminating coverage

Gentian Diagnostics (Buy, TP: NOK67.00) - Solid end to the year

Record-high sales of NOK42.6m in Q4 (up 14% YOY, organic up 13% YOY) were driven by fCAL®turbo and Cystatin C. The gross margin improved to 56% (Q4 2023 43%), resulting in another significant EBITDA improvement. The board proposed a 2024 DPS of NOK0.40. Following minor estimate revisions, we reiterate our BUY and NOK67 target price.

Gentian Diagnostics (Buy, TP: NOK67.00) - Sustained EBITDA momentum

While Q3 organic growth of 5% YOY suffered from weak sales in Asia (explained by the implementation of new regional tendering processes in China), EBITDA again showed a significant improvement. Following minor estimate revisions, we reiterate our BUY and NOK67 target price.

Gentian Diagnostics (Buy, TP: NOK67.00) - EBITDA improvement

Q2 product sales were NOK38.3m (organic growth of 13% YOY) and EBITDA was NOK6.8m (Q2 2023: NOK3.6m). After lowering our sales but increasing our EBITDA margin estimates for 2024–2027, we reiterate our BUY and NOK67 target price.

Adevinta (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of Adevinta. Our last published recommendation, target price, and estimates should no longer be relied upon.

Gentian Diagnostics (Buy, TP: NOK67.00) - Development tailwind

As a result of the recent NT-proBNP development breakthrough, we have raised our likelihood of success for the assay. With this adjustment, we have increased our target price to NOK67 (57) and, as we continue to see Gentian as attractively valued, we reiterate our BUY.

Credit Morning 05/30/2024

BHP abandons its bid for Anglo American Brookfield has made an offer to acquire Neoen for € 6.1bn>...

Morning Crédit 30/05/2024

BHP renonce à son offensive sur Anglo American Brookfield a fait une offre pour racheter Neoen pour 6.1 mds EUR>...

Morning Crédit 20/05/2024

Moody’s relève le rating d’Ontex à B2 Atos : les créanciers obligataires rejettent l’offre de Daniel Kretinsky (La Tribune)>...

Credit Morning 05/20/2024

Moody’s upgrades Ontex to B2Atos: bondholders reject Daniel Kretinsky’s offer (La Tribune)>...

Gentian Diagnostics (Buy, TP: NOK57.00) - Record sales in Q1

Record-high sales of NOK38.5m in Q1 corresponded to 19% organic sales growth YOY. The company reported positive EBITDA again, and progress in its NT-proBNP optimisation efforts. We have raised our 2024–2026e revenues by an average of 6.8%, made minor cost estimate revisions as well as project a more favourable FCF because of revised working capital forecasts. In turn we have increased our target price to NOK57 (54) and reiterate our BUY.

Credit Morning 04/25/2024

Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...

Morning Crédit 25/04/2024

Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...

Credit Morning 02/29/2024

ams OSRAM: cancellation of a key microLED project Forvia issues € 800m of new bonds to refinance part of its 2025 and 2026 maturities via a tender offer Nexity: after 2023 broadly in line with expectations, 2024 will remain a year of transition Clariane: FY23 results in line with management expectations, but the financial situation still needs to be improved. The group announces the sale of its UK operations for €243m.>...

Morning Crédit 29/02/2024

Clariane : Des résultats 2023 conformes aux attentes du management mais la situation financière reste à améliorer. Le groupe annonce la vente de ses activités au Royaume-Uni pour 243 m EUR. ams OSRAM : annulation d’un projet clé dans les microLED Forvia émet 800 m EUR de nouvelles obligations pour refinancer une partie de ses échéances 2025 et 2026 via une offre de remboursement anticipé Nexity : après une année 2023 globalement en ligne avec les attentes, 2024 res...

Credit Morning 02/16/2024

AT1 –Danske, BBVA and ING announced AT1 calls - a clean sweep for the asset class so far this year Eutelsat: positive organic growth in Q2 2023/24 and reduction of capex forecasts Orano : Strong 2023 results>...

Morning Crédit 16/02/2024

AT1 – Annonces des calls de Danske, BBVA et ING – un sans-faute pour la classe d’actifs YTD Eutelsat : croissance organique positive au T2 2023/24 et réduction des prévisions de capexOrano : très bons résultats 2023>...

Credit Morning 02/13/2024

Eutelsat Group: S&P downgrades the rating to B/stable from B+/stable Fnac Darty: Final closure of Comet disposal litigation (repayment of at least € 140m in total)>...

Morning Crédit 13/02/2024

Eutelsat Group : S&P dégrade le rating de B+/stable à B/stable Fnac Darty : clôture du contentieux Comet (remboursement d’au moins 140 m EUR au total)>...