Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Pandora A/S and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 16 July 2025 in which we reassessed the appropriateness of the ratings in the context of the re...

Good risk/reward into the Q2 report

ABGSC Shipping Daily 16 July

Cabin crew, prepare for dividend

EBIT 2% better and divi

Clean EBIT 2% higher on slihtly higher sales. Divi, "robust" demand, cost guidance down primarily on sales gain

ABGSC Shipping Daily 10 July

Q2e looks fine - up to HOLD

June 5% better

Group sales NOK 3.9bn, +4.9% vs us and cons on better yield/ load

ABGSC Shipping Daily 1 July

Jewellery in jeopardy

Improvement, but likely falling short

May as expeced

Group sales NOK 3.1bn, spot on us and cons (NAS 0.1% better, Widerøe 2% below)

The Pandora Jewellery Box - May 2025

Expectations running too hot

Strong collection set to continue

Solid secured and unsecured collection

Over-collection in both unsecured (109%) and secured (~200%); Cash EBITDA of NOK 975m, +2% vs ABG and +1% vs cons; Stock flat to just up; Cons est rev. minor (ERC neg vs collection pos)

Great deal - bond buyback

NAS calls the convertible bond and contemplates a 50% buyback. Pos: Reduced share overhang + nr of shares down ~7%.

Still cheap and the Red Sea is still closed

A. P. Møller Mærsk (Sell, TP: DKK9400.00) - Resistance to gravity seem...

The Q1 report was largely as expected, albeit with support in the results related to mostly passing effects. Hence, we retain our view that the chronic oversupply of vessels will deteriorate the current value of the company. On rates converging towards 2016 levels, it should burn through more than USD13bn by the end of our forecast period, with no respite in sight due to the towering orderbook and owners still willing to order. We reiterate our SELL, but have raised our target price to DKK9,400 ...

Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook

While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.