reports
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Emil Jonsson
Norion Bank (Buy, TP: SEK52.00) - (Buy)back in business
The Q4 report was solid, featuring low credit losses and the start of share buybacks. We continue to see upside potential from our expected c20% annual total yield, along with reductions in past-due loans. We reiterate our BUY and have raised our target price to SEK52 (50).
- Jørgen Lian
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.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Jørgen Lian
A. P. Møller Mærsk (Hold, TP: DKK11700.00) - Potential for USD4bn–8bn ...
We expect the Q4 results to reflect continued strength in the container freight market, which picked up further over December–January, and have raised our 2025 forecasts. However, our 2025e EBITDA of USD6.0bn remains 17% below Bloomberg consensus. With guidance likely the main focus, we expect it to target underlying EBITDA of USD4bn–8bn. As vessel oversupply is set to continue hampering rates for a dreary long-term outlook, we reiterate our HOLD and DKK11,700 target price.
- Jørgen Lian
Valuations to withstand trouble
We foresee increasing risks to continued demand growth on headwinds for Chinese export growth, while facing a hefty delivery schedule. Add to this the potential return to Red Sea transits, and we find rates should be under pressure and inevitably deteriorate the earnings potential for our covered companies. However, the attractive backlogs secure sizable value in near-term cash flows, offsetting much of the risk. Due to diverging valuations, we reiterate our BUY on Wallenius Wilhelmsen but have ...
- Emil Jonsson
Norion Bank (Buy, TP: SEK50.00) - Funding uncertainty
We see low probability of dividend payments for 2024 due to increased risk after Avanza’s announced shutdown of its external deposits. This looks reflected in consensus though. We still see mid-term upside potential on the stock as stage 3 loans normalise. We reiterate our BUY but have reduced our target price to SEK50 (52).
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Capital Goods Research
- Henric Hintze
- Karl Bokvist
- Douglas Lindahl
Hexpol (Hold, TP: SEK108.00) - Seasonal headwinds
Q4 was weak overall, driven by the surprisingly soft gross margin in the quarter, which was seemingly due to seasonality/calendar effects that hit mix and costs. We maintain our cautious view on automotive manufacturing, and have become more concerned about gross margins. We have cut our adj. EBIT by c4% for 2025e, while 2026e is broadly unchanged. We reiterate our HOLD, but have lowered our target price to SEK108 (112), owing to our estimate cuts.
- ABGSC Capital Goods Research
- Henric Hintze
- Karl Bokvist
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Capital Goods Research
- Henric Hintze
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
ABGSC Shipping Daily 15 January
Tanker markets up, dry bulk and LPG down; Shipping peer group trades at P/NAV 0.78x; Tanker and dry bulk sector report: 2025 could be wild. Or not; HAUTO trading update: Another solid quarter; KCC business update - ~9% downside to cons. Q4 EBITDA; DHT Q4 Business Update, 10% downside to consensus Q
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
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