reports
- Jonathan Moreland
PMT PENNYMAC MORTGAGE INVESTMENT TRUST
XPL SOLITARIO ZINC
RGP RESOURCES CONNECTION INC.
OPK OPKO HEALTH INC.
MTDR MATADOR RESOURCES COMPANY
CVGW CALAVO GROWERS INC.
CRMD CORMEDIX INC.
ASPS ALTISOURCE PORTFOLIO SOLUTIONS S.A.
LPG DORIAN LPG
WHF WHITEFIELD
AMTX AEMETIS
GCBC GREENE COUNTY BANCORP INC.
JFR NUVEEN FLOATING RATE INCOME FUND
IIFw MORGAN STANLEY INDIA INVESTMENT FUND INC.
NHF NEXPOINT CREDIT STRATEGIES FUN
DOMO DOMO INCORPORATED
BCDA BIOCARDIA
PCB PACIFIC CITY FINANCIAL CORP
ASAN ASANA
PCVX VAXCYTE
WOOF PETCO HEALTH AND WELLNESS
NUVB NUVATION BIO INC (A)
CTGO CONTANGO ORE INC.
SMMT SUMMIT THERAPEUTICS INC
HUMA HUMACYTE INC
TCBX THIRD COAST BANCSHARES INC
PEPG PEPGEN INC
GLSI GREENWICH LIFESCIENCES INC
JMSB JOHN MARSHALL BANCORP INC
MEGI MAINSTAY CBRE GBL INFRASTRUCTURE MEGATRENDS FD
NMTC NEUROONE MEDICAL TECHNOLOGIES CORP
SSII SS INNOVATIONS INTERNATIONAL INC
CATX PERSPECTIVE THERAPEUTICS
DMA INC.
SUNS DESTRA MULTI ALTERNATIVE FUND
NUTX SUNRISE REALTY TRUST
AFCG NUTEX HEALTH INC
FTLF AFC GAMMA
INC.
FITLIFE BRANDS INC.
- Jørgen Lian
Star Bulk (Hold, TP: USD15.50) - Cash flow for DPS drying up in Q1e
We see ~30% downside risk to dry bulk asset values on historical EV/EBITDA multiples and the prevailing 1-year TCs. Thus, given our muted near-term outlook on the dry bulk segment, we believe valuations must converge lower. However, at Star Bulk’s heavily discounted 0.67x EV/GAV (bulker peer group: 0.72x), we believe much of the downside risk is priced in and leaves a fair risk/reward, despite the risk of no DPS in Q1 for the first time since 2020. Hence, we reiterate our HOLD but have lowered o...
CMB.TECH BUSINESS UPDATE
CMB.TECH BUSINESS UPDATE Antwerp, April 30, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) provides a business update following the recent announcements. The company held two Capital Markets Days together with Golden Ocean, sold three VLCCs as part of its fleet rejuvenation and will align dates for announcing first and second quarter 2025 results due to the consolidation of Golden Ocean's financial results. Capital Markets DaysFollowing the of the signed term sheet for a stock-for-stock merger with Golden Ocean, with CMB.TECH ...
- 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.
- Jonathan Moreland
TBK TRIUMPH BANCORP INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
ORCL ORACLE CORPORATION
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
LGND LIGAND PHARMACEUTICALS INCORPORATED
KEY KEYCORP
CVGW CALAVO GROWERS INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
LPG DORIAN LPG
IRIX IRIDEX CORP.
USB US BANCORP
WHF WHITEFIELD
ADC AGREE REALTY CORPORATION
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
LIND LINDBLAD EXPEDITIONS HOLDINGS
KYN KAYNE ANDERSON MLP INVESTMENT CO.
ALOT ASTRONOVA INC.
FBK FB FINANCIAL CORPORATION
IIFw MORGAN STANLEY INDIA INVESTMENT FUND INC.
FEIM FREQUENCY ELECTRONICS INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
ESQ ESQUIRE FINANCIAL HOLDINGS
BCDA BIOCARDIA
MCFT MASTERCRAFT BOAT HOLDINGS
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
PKE PARK AEROSPACE CORPORATION
DYNR DYNARESOURCE INC.
ALLY GMAC LLC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
SMMT SUMMIT THERAPEUTICS INC
BYRN BYRNA TECHNOLOGIES INC
UPST UPSTART HOLDINGS
HUMA HUMACYTE INC
BFZ BLACKROCK CALIF MUN INCOME TRUST
PEPG PEPGEN INC
PROK PROKIDNEY CORP.
GTE GRAN TIERRA ENERGY INC.
SBGI SINCLAIR INC
MIO PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
DMA DESTRA MULTI ALTERNATIVE FUND
ADVM ADVERUM BIOTECHNOLOGIES INC.
NUTX NUTEX HEALTH INC
SCND SCIENTIFIC INDUSTRIES INC
BATRK LIBERTY MEDIA CORPORATION
NBY NOVABAY PHARMACEUTICALS INC.
- Jørgen Lian
CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn
CMB.TECH and Golden Ocean have signed a term sheet for a contemplated stock-for-stock merger at an exchange ratio of 0.95 CMB.TECH shares for each outstanding Golden Ocean share. Completion is scheduled for Q3, and the companies are scheduled to host CMDs on 24 and 29 April to provide further information. As DNB Markets is acting as financial advisor to Golden Ocean, we have withdrawn our recommendation and target price.
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
CMB.Tech Merger proposal with Golden Ocean
CMB.Tech and Golden Ocean announced they have signed a term sheet for a contemplated stock-for-stock merger, with CMB.Tech as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.Tech for each share of Golden Ocean, subject to customary adjustments. The merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels. Early March CMB.Tech acquired an initial stake of 40.8% in Golden Ocean which it increased to ...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
Merger between CMB.TECH and Golden Ocean
Merger between CMB.TECH and Golden Ocean Antwerp, April 22, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) (“CMB.TECH”) and Golden Ocean Group Limited (NASDAQ: GOGL & Euronext Oslo Børs: GOGL) (“Golden Ocean”) are pleased to announce that they have signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments. The Term Sheet has been unanimously approved by CMB.T...
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e
We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.
CMB.TECH - General meetings of 22 May 2025
CMB.TECH - General meetings of 22 May 2025 Antwerp, April 22, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH” or the “Company”) invites its shareholders to participate in the Annual General Meeting, Special General Meeting & Extraordinary General Meeting that will be held on Thursday 22 May 2025 at 10.00 a.m. CET in 2000 Antwerp, De Gerlachekaai 20. In view of the record date of Thursday 8 May 2025, shareholders may not reposition shares between the Belgian Register and the U.S. Register during the period from Wednesday 7 May 2025 at 8.00 a.m. (Belgian ti...
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jonathan Moreland
RGP RESOURCES CONNECTION INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
LGND LIGAND PHARMACEUTICALS INCORPORATED
CVGW CALAVO GROWERS INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
APA.. APA CORP.
LPG DORIAN LPG
WHF WHITEFIELD
AB ALLIANCEBERNSTEIN HOLDING L.P.
ADC AGREE REALTY CORPORATION
AMTX AEMETIS
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
KYN KAYNE ANDERSON MLP INVESTMENT CO.
FBK FB FINANCIAL CORPORATION
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
NHF NEXPOINT CREDIT STRATEGIES FUN
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
WGO WINNEBAGO INDUSTRIES INC.
FF FIRST MINING GOLD
SONO SONOS
GRX THE GABELLI HEALTHCARE & WELLNESSRX TRUST
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
UAN CVR PARTNERS LP
SMMT SUMMIT THERAPEUTICS INC
FTCI FTC SOLAR
PFBX INC.
UPST PEOPLES FINANCIAL CORP. (MISSISSIPPI)
HUMA UPSTART HOLDINGS
BFZ HUMACYTE INC
PEPG BLACKROCK CALIF MUN INCOME TRUST
EWTX PEPGEN INC
GLSI EDGEWISE THERAPEUTICS INC
JMSB GREENWICH LIFESCIENCES INC
MEGI JOHN MARSHALL BANCORP INC
NMTC MAINSTAY CBRE GBL INFRASTRUCTURE MEGATRENDS FD
VANI NEUROONE MEDICAL TECHNOLOGIES CORP
PROK VIVANI MEDICAL INC
GTE PROKIDNEY CORP.
SBGI GRAN TIERRA ENERGY INC.
MIO SINCLAIR INC
NUTX PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
BATRK NUTEX HEALTH INC
ECF LIBERTY MEDIA CORPORATION
NBY ELLSWORTH FUND LTD
NOVABAY PHARMACEUTICALS INC.
FLS opens new mill liner manufacturing facility in Chile that operates...
FLS opens new mill liner manufacturing facility in Chile that operates with 100% renewable energy and water reuse PRESS RELEASE FLSmidth & Co. A/S14 April 2025, Copenhagen, DenmarkFLS has inaugurated its new manufacturing facility for mill liners and related products in Casablanca, Chile, an important investment supporting the company’s strategic focus on mill liners in line with its CORE’26 strategy and MissionZero sustainability ambitions. The opening comes on the heels of the announcement of its new mill liner recycling service offering launched last week.FLS invested more than DKK 160 m...
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