NAV discount is too high

DS Norden: 1 director

A director at DS Norden bought 6,887 shares at 234.930DKK and the significance rating of the trade was 50/100. 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 years clearly sho...

Miss on trading, '24 guidance reduced

Adj. net profit of USD 25m (ABGSCe 46m, cons 28m). FY'24 guidance lowered. Q3 results and updated guidance in line with cons.

Close to half price

Pricing trumps negative trading margins

Minor short-term changes to estimates. '26e EBITDA of USD 814m, cons. at USD 674m. TP up to DKK 448 (437) – P/SOP 0.57x.

Expects "gradual improvements in margins"

Adj. net profit of USD 39m (ABGSCe 51m, cons 43m). FY'24 guidance narrowed, "gradual improvements in margins". Share to trade down 0-2%.

P/NAV now at 0.77x

Trading reset implies upside

Minor short-term adjustments, applying our newest dry bulk outlook. '25e EBITDA of USD 716m, cons. at USD 601m. TP DKK 459 (412) – P/SOP 0.71x.

"Unexpectedly strong" dry bulk market

Adj. net profit of USD 7m (ABGSCe 53m, cons 62m) .FY'24 guidance reiterated, adds six capesizes. Weak share price reaction warranted.

Dry bulk: It's the fleet growth, stupid!

Rates have now appreciated, but new orders have not followed, and low fleet growth is enough for continued optimism.

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker market, dry bulk and LPG down Shipping peer group trades as P/NAV 0.89x US LPG fundamentals still solid

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.88x Gas prices indicate floating storage only for Oct-Nov’23

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.88x Oil tanker sector report: Not enough tankers in ‘24

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.91x Russian product ban induces a ~6% tonne-mile increase

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.9x Stop in SPR draws not likely to reduce US export much

Sector Fast Comment - ABGSC Shipping Daily

Tankers and LPG up, dry bulk down Shipping peer group trades at P/NAV 0.92x VLGC spot at USD 130k/day, LPG still cheaper than oil

Sector Fast Comment - ABGSC Shipping Daily

Tankers and dry bulk down, LPG up to USD 125k/day Shipping peer group trades at P/NAV 0.9x Record amount of LNG on water

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker market, dry bulk down, LPG up, LNG flat Shipping peer group trades at P/NAV 0.9x Container volumes down 7% m-o-m in September

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk market, LPG up Shipping peer group trades at P/NAV 0.88x Re-routing of ~2m bpd of Russian crude

Sector Fast Comment - ABGSC Shipping Daily

Mixed tanker and dry bulk market, LPG up Shipping peer group trades at P/NAV 0.87x US crude oil export down 4% m-o-m, up 19% YTD