>Q1 review – slower organic growth leads to miss on sales forecast - Demant’s Q1 revenues of DKK 5,423m (-1.5% y-o-y,) were driven by organic growth of 3% (vs ODDO BHF 6.2%/consensus 4.7%) and were -3%-2% vs ODDO BHF/consensus. The Communication business is excluded from the operating development as the asset is booked as discontinued operation. No bottom line was reported on a quarterly basis.Hearing aids impacted by flat growth in Europe - Hearing a...
This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.
Belships ASA: Amendment of Term Loan Facility Belships has agreed to amend a USD 90m Term Loan Facility for six vessels, which is the only senior secured bank loan in the company today. Four vessels will remain debt free. The Loan Facility has an interest rate of SOFR+195 bps which is 55 bps lower than the previous facility. The loan matures in May 2029 and the first instalment is due in 2025. Furthermore, a new undrawn Accordion Tranche of USD 100m will be available. Lenders for the Loan Facility are DNB Bank, Nordea and Sparebank 1 SR-Bank. For...
We forecast Q1 organic revenue growth of 4.7% YOY (in line with consensus), driven by Hearing Care (we forecast 4.9%) and Diagnostics (we forecast 8.4%), while Hearing Aids faces a tough YOY comparable (we forecast 3.6%). We expect 2024 to be back-end loaded and driven by Oticon Intent. We expect maintained 2024 guidance of 4–8% organic growth, c1% M&A growth, c-1% FX, and EBIT of DKK4.6bn–5.0bn. We reiterate our BUY and DKK400 target price.
Belships ASA: Change in ownership of Lighthouse Navigation Belships has entered into an agreement to divest its stake of 50 per cent in Lighthouse Navigation Pte Ltd against a cash consideration which will be paid to Belships over the next 15 months. As part of the transaction, Belships has acquired 33 per cent of the shares in Lighthouse Navigation Management AS, increasing Belships’ ownership to 67 per cent. Closing of the transaction has been completed. “Ever since incorporation Lighthouse Navigation has been a success story, and this ownership change is to focus and simplify Belships’ ...
Q1 reporting season kicked off this week, with results from Nyfosa, Entra, Wallenstam, Fabege, KMC Properties, Pandox, and Catena. In other news, Public Property Invest is to be listed on the Oslo stock exchange on 29 April. The weighted-average implied EBITDA yields on the stocks we cover are 4.75% for 2024e and 5.04% for 2025e.
Belships ASA: Fleet Expansion Belships has expanded its newbuilding program with two new 64 000 dwt Ultramax bulk carriers which will be delivered in 2028. The vessels are leased on similar terms as previously announced transactions, and Belships is not required to make any down payments for these vessels. The agreements are conditional upon certain steps to be completed by the parties involved. Belships now has a total of 10x newbuildings under construction at Japanese shipyards with delivery between 2024 and 2028. All vessels are leased on time charter for a period of 7 to 10 years from ...
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. In other news, KMC Properties bought a new asset and appointed an interim CEO, JM got a new CEO, while Castellum announced a divestment and new leases, and Atrium Ljungberg kicked off Q1 reporting season. The weighted-average implied EBITDA yields on the stocks we cover are 4.74% for 2024e and 5.01% for 2...
Belships ASA: Notice of Annual General Meeting 2024 The Annual General Meeting will be held on 8 May 2024 at 11:00 CEST. The meeting will be held as a digital meeting and can be accessed using the following link: Notice, registration/proxy form and relevant attachments are included in this message and will also be made available on , together with a guide for attendance of the digital meeting. The Company kindly ask that shareholders who have still not consented to electronic communication from Euronext Securities Oslo, update their communications information as described in the atta...
Belships ASA: Annual Report 2023 Oslo, 11 April 2024 The Board of Directors of Belships ASA has approved the annual accounts for 2023. Today, both the Annual Report 2023 and the ESG Performance Report have been published. “We are pleased to present you with our Annual Report for 2023 which represents a year of solid profitability, with a net result of USD 86m and dividends to the shareholders totalling USD 56m. We maintained a high degree of contract coverage which reduced short-term risks and we continued to develop and expand our fleet for the future,” says Belships’ Chairman and CEO ...
We expect the Q1 results to be in line with consensus, reflecting improvements in Nordic and New Growth Initiatives (NGI), while we expect Consumer and Business to be flat YOY. While Elmera Group’s results seem to have stabilised and the risk of significant churn has been reduced, we continue to find the valuation stretched. We reiterate our SELL, but have raised our target price to NOK21 (20) on positive estimate revisions.
We maintain a neutral sector stance, but see near-term setbacks and consider risks tilted to the downside near-term due to strong sector performance in the past month, while market interest rates have risen. We expect two years of zero NAV growth, on average, due to yield expansion, and the sector theme to be deleveraging, with limited capex. We see few potential company-specific catalysts, leaving share prices largely driven by macro factors. We consider the sector fully valued near-term, at an...
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