reports
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Jørgen Lian
A. P. Møller Mærsk (Sell, TP: DKK9000.00) - Challenging the deep value...
The Q1 results proved disappointing to buy-side expectations, though reasonably aligned and even bullish compared to near-term consensus. Their market commentary could raise expectations above the upper end of the potentially conservative guidance, but we struggle to see the intrinsic value when facing the bleak container markets for 2025–2026e. We reiterate our SELL and have cut our target price to DKK9,000 (9,600).
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Jørgen Lian
Yard response and dry bulk qualms
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.
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 Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
A. P. Møller Mærsk (Sell, TP: DKK9600.00) - Loose ends into Q1 results
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).
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Douglas Lindahl
Dometic (Buy, TP: SEK100.00) - Recovery taking time
Overall, Q1 was below consensus, driven by surprisingly weak performance for Land Vehicles Americas where Dometic said the competitive environment was tough. We have cut our 2024–2026e adj. EBIT by c3% on average and reduced our target price to SEK100 (105). We reiterate our BUY, seeing c25% upside potential from the current share price to our target price, but have pushed a recovery out in time.
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
SalMar – Integrated annual report 2023
SalMar – Integrated annual report 2023 With reference to the stock exchange notice regarding board approval of final 2023 year-end financial statement on Friday 12 April 2024. Please find attached the 2023 integrated Annual report, including sustainability reporting, for SalMar ASA. The company publishes its annual financial statements also in European Single Electronic Format (ESEF), available as an attachment to this release. On SalMar's website, the renumeration report, TCFD report, GRI index and green bond report for 2023 are also published. For more information, please contact:Håkon...
SalMar - Key information relating to the cash dividend to be paid by S...
SalMar - Key information relating to the cash dividend to be paid by SalMar ASA Dividend amount: 35.0 per shareDeclared currency: NOK Last day including right: 06.06.2024Ex-date: 07.06.2024Record date: 10.06.2024Payment date: On or about 20.06.2024Date of approval: 06.06.2024 For more information, please contact:Håkon Husby, Head of Investor RelationsTel: +47 936 30 449 Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
SalMar - Final year-end financial statements for 2023 approved by the ...
SalMar - Final year-end financial statements for 2023 approved by the board of directors 12 April 2024, the board of directors of SalMar ASA has reviewed and approved the final year-end financial statements for 2023. Final accounts and proposed dividend of NOK 35 per share are not altered from preliminary figures published on 15 February 2024. Should the AGM resolve to pay a dividend, shares in SalMar ASA will be traded ex-dividend of NOK 35 per share from 7th of June 2024. The Annual Report for 2023, including the Report of Board of Directors, sustainability report, financial statements ...
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
SalMar (Hold, TP: NOK690.00) - Q1 trading update
SalMar released its Q1 trading update on 10 April, revealing higher harvest volumes than we expected in the Central region, but lower in the North. The company also reiterated that it had been negatively affected by string jellyfish in the Northern region in Q1, hurting superior share and harvest weights more than we had previously expected. We have cut our Q1 estimates by 11% following the trading update and expect operating EBIT of NOK1,609m, 13% below consensus. The full report is due at 06:3...
SalMar – Q1 2024 Trading update
SalMar – Q1 2024 Trading update Consolidated harvest volumes in Q1 2024 are:Farming Central Norway: 27.8Farming Northern Norway: 17.5SalMar Aker Ocean: 4.8Icelandic Salmon: 2.8Total: 52.9 Alle figures in 1,000 tgw. As previously communicated, the impact of string jellyfish has resulted in low superior share and average size on the fish harvested in Northern-Norway in the quarter. The full Q1 2024 report will be released on 14 May 2024 at 06:30 CEST, the following presentation will be available through Norwegian webcast at 08:00 CEST and English webcast (recording) at 10:00 CEST. For mo...
SalMar – Q1 2024 Trading update
SalMar – Q1 2024 Trading update Konsolidert slaktevolum for Q1 2024 ble:Oppdrett Midt-Norge: 27,8Oppdrett Nord-Norge: 17,5SalMar Aker Ocean: 4,8Icelandic Salmon: 2,8Totalt: 52,9 Alle tall i 1 000 tgw. Som tidligere kommunisert har påvirkning fra perlesnormaneter medført at det er lav superiorandel og snittvekt på fisken som er slaktet i Nord-Norge i kvartalet. Fullstendig rapport for Q1 2024 vil bli offentliggjort 14. mai 2024 klokken 06:30 CEST, og den påfølgende presentasjonen vil være tilgjengelig via norsk webcast klokken 08:00 CEST og engelsk webcast (opptak) klokken 10:00 CEST. F...
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
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