reports
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- Karl-Johan Bonnevier
Humana (Buy, TP: SEK52.00) - Growth agenda back in focus
The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- Alexander Aukner
SalMar (Buy, TP: NOK650.00) - Minor model adjustments
We have updated our estimates for the volumes in the recent Q1 trading update and a back-end-loaded harvest profile in the quarter, with a higher share of downgrades. We expect operating EBIT of NOK997m for the quarter, c16% below consensus of NOK1,188m. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK650 target price. The full Q1 report is due at 06:30 CET on 20 May.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
- Alexander Aukner
Time to revisit
The unfolding trade war has led us to cut our global 2025–2027e demand and trim our spot price estimates. The negative price effect is partly countered by reduced mortality boosting volumes and lowering costs, leading to net EPS cuts of 11–2%. Given the sector’s solid track record in adapting to past crises and recent share-price declines, we see a significantly improved risk/reward and have a positive stance on the sector. We have upgraded Mowi, Bakkafrost, and Grieg Seafood to BUY (HOLD).
SalMar - Merger with Wilsgård AS and resolution to increase the share ...
SalMar - Merger with Wilsgård AS and resolution to increase the share capital Frøya, 22 April 2025 SalMar ASA (“SalMar”) refers to the stock exchange notice published on 18 February 2025 regarding SalMar and Wilsgård Sea Service AS’s intention to develop the ownership in Wilsgård AS (“Wilsgård”), including through a consolidation with the SalMar group. The boards of Wilsgård, SalMar Farming AS, a wholly-owned subsidiary of SalMar, (“SalMar Farming”) and SalMar have today approved a merger plan for a triangular merger pursuant to Chapter 13 of the Norwegian Public Limited Liability Compani...
SalMar - Fusjon med Wilsgård AS og beslutning om kapitalforhøyelse
SalMar - Fusjon med Wilsgård AS og beslutning om kapitalforhøyelse Frøya, 22. april 2025 SalMar ASA ("SalMar") viser til børsmelding publisert 18. februar 2025 vedrørende SalMar og Wilsgård Sea Service AS sin intensjon om å utvikle eierskapet i Wilsgård AS ("Wilsgård"), herunder ved en konsolidering med SalMar-konsernet. Styrene i Wilsgård, SalMar Farming AS, et heleid datterselskap av SalMar, ("SalMar Farming") og SalMar har i dag godkjent en fusjonsplan for en trekantfusjon i henhold til kapittel 13 i allmennaksjeloven, med SalMar Farming som overtakende selskap, Wilsgård som overdragen...
- ABGSC Healthcare Research
- Julia Sundvall
- Stefan Knutsson
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Niclas Gehin
Kongsberg Gruppen (Hold, TP: NOK1450.00) - Less European exposure than...
We expect Q1 EBITDA of NOK2.2bn (results due at 07:00 CET on 8 May). Kongsberg Gruppen’s valuation premium to European defence peers has shrunk as peer multiples have converged on expectations of higher European defence spending. We believe this is warranted by its lower share of defence sales to EU countries. We continue to find the valuation demanding, while struggling to see negative share price catalysts. Hence, we reiterate our HOLD while we have raised our target price to NOK1,450 (1,300).
SalMar - Integrated annual report 2024
SalMar - Integrated annual report 2024 With reference to the stock exchange notice regarding board approval of final 2024 year-end financial statement on Wednesday 9 April 2025. Please find attached the 2024 integrated Annual report, including sustainability reporting in accordance with CSRD, for SalMar ASA. The company publishes its annual financial statements also in European Single Electronic Format (ESEF), available as an attachment to this release. On SalMar's website, the remuneration report is also published. For more information, please contact:Håkon Husby, Head of Investor Relat...
SalMar - Integrert årsrapport 2024
SalMar - Integrert årsrapport 2024 Med henvisning til børsmelding vedrørende styrebehandling av endelig årsregnskap for 2024 onsdag 9. april 2025. Vedlagt følger SalMar ASA sin integrerte årsrapport, inkludert bærekraftsrapportering iht. CSRD, for 2024. Selskapet publiserer også regnskapet på European Single Electronic Format (ESEF), som er vedlagt denne meldingen. På hjemmesiden til SalMar er også lederlønnsrapport for 2024 publisert. For mer informasjon, kontakt:Håkon Husby, IR-ansvarligTel: +47 936 30 449 Email: Vedlegg ...
SalMar - Key information relating to the cash dividend paid by SalMar ...
SalMar - Key information relating to the cash dividend paid by SalMar ASA Dividend amount: 22.0 per shareDeclared currency: NOK Last day including right: 18.06.2025Ex-date: 19.06.2025Record date: 20.06.2025Payment date: On or about 02.07.2025Date of approval: 18.06.2025 For more information, please contact:Håkon Husby, Head of Investor RelationsTel: +47 936 30 449 Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
SalMar - Nøkkelinformasjon ved kontantutbytte for SalMar ASA
SalMar - Nøkkelinformasjon ved kontantutbytte for SalMar ASA Utbyttebeløp: 22,0 kroner per aksjeAnnonsert valuta: NOK Siste dag inklusive: 18.06.2025Ex-dato: 19.06.2025Record date (eierregisterdato): 20.06.2025Betalingsdato: På eller omkring: 02.07.2025Vedtaksdato: 18.06.2025 For mer informasjon, kontakt:Håkon Husby, IR-ansvarligTel: +47 936 30 449 Email: Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12
SalMar - Final year-end financial statements for 2024 approved by the ...
SalMar - Final year-end financial statements for 2024 approved by the board of directors 9 April 2025, the board of directors of SalMar ASA has reviewed and approved the final year-end financial statements for 2024. Final accounts and proposed dividend of NOK 22 per share are not altered from preliminary figures published on 18 February 2025. Should the AGM resolve to pay a dividend, shares in SalMar ASA will be traded ex-dividend of NOK 22 per share from 19th of June 2025. The Annual Report for 2024, including the Report of Board of Directors, sustainability report, financial statements...
SalMar - Styrebehandlet endelig årsregnskap for 2024
SalMar - Styrebehandlet endelig årsregnskap for 2024 Styret i SalMar ASA har 9. april 2025 behandlet og godkjent endelig årsregnskap for 2024. Endelig regnskap, herunder foreslått utbytte på NOK 22 per aksje, er i tråd med foreløpig regnskap offentliggjort den 18. februar 2025. Et eventuelt vedtatt utbytte fra generalforsamlingen medfører at aksjene i SalMar ASA noteres eks. utbytte på NOK 22 per aksje fra og med den 19. juni 2025. Årsrapport for 2024, inkludert styrets beretning, bærekraftsrapport, regnskap med noter og ESEF-rapportering vil distribueres via Oslo Børs og Ordinær genera...
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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