Boosted by the tax advantage of customer dividends, continued strong lending growth, YOY cost reductions and robust asset quality, SVEG reported a Q1 ROE of 21.6%. Moreover, with the approval and implementation of new IRB risk models, in addition to strong earnings, the CET1 ratio rose ~70bp QOQ. Trading at a 2025e P/E of ~9.2x, we continue to find the valuation undemanding, and reiterate our BUY and NOK139 target price.
A director at Electrolux AB sold 24,516 shares at 96.780SEK and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
The outlook remains weak and we now expect Electrolux to be loss-making in 2024. However, CEO Jonas Samuelson’s resignation opens up for large-scale restructuring, which we deem necessary to move the EBIT margin closer to its ≥6% target and reduce the all-time high net debt. We have raised our sales and earnings estimates and cut our net debt assumptions after 2026, as we believe a new CEO could improve the sales, earnings and leverage trajectory over time. We have therefore upgraded to HOLD (SE...
There is a substantial discrepancy between container liners’ reported and guided revenue for Q1, as the impacts of the Red Sea disruption and resurgent freight rates are revealed. Near-term consensus could be too low, but the 2025–2026 outlook is set to be much worse than the market believes. We reiterate our SELL, but have raised our target price to DKK9,600 (9,500).
This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.
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.
Q1 was mixed, with momentum still improving in Finland and Humana returning to acquisition mode, targeting Team Olivia (TO) Norway. While we find the deal value-enhancing, Humana’s relatively high financial gearing would suggest a deleveraging focus near-term, and the departure of CEO Johanna Rastad has added uncertainty at the wrong time. We reiterate our HOLD, but have raised our target price to SEK30 (27) on higher forecasts.
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
This morning, Nel announced a multi-year capacity reservation agreement (CRA) with Hy Stor Energy, representing more than 1GW of alkaline electrolyser capacity combined over 2025/2027, for its Mississippi Clean Hydrogen Hub (MCHH) project. The project is still pending regulatory approvals, financin
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.