Yet another discovery - value ~NOK 0.15/share

The price is right - down to HOLD (Buy)

Energy Morning - 30 October 2024

Var Energi/Good underlying results, also going forward/BUY

Vår reported 3Q24 figures ahead of our expectations but we have not changed our estimates materially. Commodity price forecasts are unchanged, but we see another mix between the commodities than we had before, which has an impact. These are small adjustments, and we remain confident in Vår Energi as an attractive investment. The company keeps consistent pressure on cost per barrel produced and based on our forecast generates US$3bn in annual CFFO and, sustainable as being supported by new field ...

Benelux Morning Notes

Ahold Delhaize: Preview 3Q24 Econocom: 3Q24 impressive sales of 6%, driven by leasing Greenyard: No Fruit Farm? PostNL: Preview 3Q24F; consensus released; (implied) warning? Randstad: 3Q24 beats 2% on lower opex; outlook 4Q24 c.3/4% below consensus; better than expected; nice strategic and accretive acquisition. UCB: Regains all global rights to Bepranemab. Var Energi: Pressure on costs continues. Events Calendar

Strong Q3 and positive guidance adjustments

Vår Energi/Strong investment case remains intact/BUY

Vår's Balder project is experiencing a delay of approximately six months, facing North Sea headwinds. There is also some pressure on commodity prices ahead of the 3Q24 numbers, which are expected on 22 October. Despite these challenges, we remain confident in Vår Energi as an attractive investment. The company generates $3bn in CFFO annually, supported by favourable commodity prices, consistent pressure on cost per barrel, driven by new field developments and occasional M&A activities. For a gro...

Tax guidance likely to be lowered at Q3

Energy morning - 10 October 2024

Vår Energi (B): Q3 trading update looks neutral.IPCO (B): Q2'24 preview - Soft gas price weighs on estimates.IEA Renewables '24 report:raises 5Y forecasts ~18% on solar growth.Subsea 7 (B) with USD ~100m award. US crude oil inventory build of 5.8mbbl.

Q3 trading update looks neutral

Crude Quarterly Q3'24: Lower oil price

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

Estimate changes from Crude Quarterly, 25 September

Balder X will remain in focus

Balder-X delayed

Approaching harvesting period

Minor, positive estimate changes post-Q2. Great value and exciting exploration in 2024. BUY, TP unchanged at NOK 47.

Q2 ok, Balder decision moved to Aug.

Benelux Morning Notes

Acomo: Bitter cocoa. Air France-KLM: Happily, Olympic Games only once in 100 years. AkzoNobel: 2Q24 Adj. EBITDA miss, FY guidance lowered in line with consensus. CM.com: 1H24 results; doing more with less. Euronext: 2Q24 preview. Lotus Bakeries: Lindt & Sprüngli 1H24 results. Philips: Preview 2Q24, back to normality. Randstad: 2Q24 misses 3% due to weak gross margin; outlook 3Q24 c.6-10% below but FY24 perhaps c.4%. UCB: 1H24 preview; confirming its return to growth. Universal ...

Production and prices a tad below consensus

Crude Quarterly Q2'24: tighter oil market ahead

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

Estimate changes from Crude Quarterly, 26 June

In our 26 June Crude Quarterly report, we update our oil and gas price assumptions for our covered E&Ps. See the report for more details on our new oil market estimates and our updated price assumptions.