Q1 earnings beat our forecast, as weaker revenues were offset by strong cost control. While the company has seen some signs of improvement QTD, the market remains challenging, with low consumer confidence and slow housing and EV markets. We reiterate our HOLD and NOK10 target price.
A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.
Q1 operating EBIT of NOK842m was c4% below our estimate, but 3% above consensus. New shielding and submersible technologies are reported to work well, with strong biological performance in Q1. The company guides for costs in line to slightly higher than in 2023, and while the 2024 harvest guidance was maintained, 2025 was cut 5kt from Sjøtroll. We have reduced our 2024e EPS by 6.0%, but increased 2025–2026e by 0.5–3.6%. We have downgraded to HOLD (BUY), with a raised target price of NOK55 (52).
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We consider this a slightly positive report for Elektroimportøren, with EBITDA above expectations despite slightly weaker revenues and a cautiously optimistic outlook. We expect consensus 2024e adj. EBITDA up 5% on the back of the report and believe a slightly positive share price reaction is warranted.
Q1 operating EBIT was NOK842m, 4% below our estimate, but 3% above consensus. Farming EBIT fell shy of expectations, while wildcatch and VAP were above. Operational performance in farming stated to go well, with good growth and biology in all regions, helped by shielding technologies. The 2024 harvest guidance was unchanged at 175kt (consensus: 161–167kt). We expect consensus 2024e EPS to come up 0–2% and the stock 2–5% on improved sentiment regarding an operational turnaround.
Lerøy Seafood Group ASA: Progress in biological performance. Promising shielding technology enhances fish welfare. GOOD BIOLOGICAL DEVELOPMENT IN THE FIRST QUARTER OF 2024. PROGRESS IN VAP S&D CONTINUES. Today, Lerøy Seafood Group ASA reports a consolidated operational EBIT of MNOK 842 for the first quarter of 2024. Of this, Farming accounts for MNOK 576, with seasonally low harvest volumes. CEO Henning Beltestad says; We have had a good quarter in Farming with strong biological development. Considering the very cold sea temperatures, our fish are growing well. It is also very pleasing...
Lerøy Seafood Group ASA: Fremgang i biologisk prestasjon. Lovende skjermingsteknologi løfter fiskevelferd. GOD BIOLOGISK UTVIKLING I FØRSTE KVARTAL 2024. FREMGANGEN I VAP S&D FORTSETTER. Lerøy Seafood Group ASA rapporterer i dag et konsolidert operasjonelt driftsresultat på MNOK 842 for første kvartal 2024. Av dette utgjør havbruk MNOK 576, på sesongmessig lave slaktevolumer. Konsernleder Henning Beltestad sier; Vi har hatt et godt kvartal i Havbruk med en sterk biologisk utvikling. I lys av svært kalde sjøtemperaturer vokser fisken vår godt. Det er også veldig gledelig å konstatere be...
We have cut our 2024e adj. EBIT by 17%, mainly on lower margin assumptions for Nordic. Nobia expects continued challenging market conditions in 2024 (driven by the project segment), and plans to reduce its fixed cost base further. We reiterate our HOLD, but have raised our target price to SEK5.1 (5.0) on valuation.
We see ongoing support for the product tanker markets from geopolitics and a fundamentally strong supply and demand outlook even though the orderbook is creeping up. We would expect Scorpio Tankers to redirect cash flows to shareholder returns when it hits its debt target. We estimate current rates leave more than USD4/share in quarterly firepower (23% yield), with the stock now trading at a P/NAV of 0.9x. We reiterate our BUY, and have raised our target price to USD92 (83).
Boosted by a NOK31m gain from Eksportfinans, further NII expansion and still-modest loan losses, SPOG reported a strong Q1 ROE of ~13% (9% target), despite sustained cost pressure. With lower deposit margins and one fewer interest day more than offset by improved lending margins and solid lending growth, NII rose another 3.8% QOQ. Moreover, given its ample buffer to capital requirements, we see scope for payout ratios to remain near 100% in 2024–2026e. That said, with the stock trading at a 2025...
We have made limited estimate changes ahead of the Q1 results (due at 08:00 CET on 15 May), and believe Photocure is moving forward in areas within its control. YOY comparables are affected by Q1 2023 being the last quarter with flex sales in the US. Its partner, Asieris, has filed for marketing approval of Cevira in China; if accepted for review, we believe Photocure would be in line for another milestone payment in Q2. We reiterate our BUY and NOK87 target price.
We have marginally increased our revenue estimates and revised our cost assumptions, owing to the Q1 results. With no surprises related to the Red Sea disruption or the Baltimore bridge accident, focus should shift to shareholder distributions. The revised dividend policy allows for extraordinary dividends at the board’s discretion, something we have not seen before, and the first possibility could be in connection with Q2. We calculate cNOK25/share in excess cash today, potentially on top of N...
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