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.
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).
TGS Vesting Under the 2022 Long-Term Incentive Plan Oslo, Norway (29 April 2024) –TGS granted the second tranche of Performance Stock Units (PSUs) under the Magseis 2022 Long-term Incentive Plan previously adopted and authorized by the Board of Directors of TGS ASA in 2023. In accordance with the terms of this Plan, the second tranche of PSUs vested on 1 April 2024, resulting in a total of 61 PSU holders having the right to request the issuance of TGS shares at par value NOK 0.05. The company previously determined that the final payout on the PSUs is 58.3% based on achievement of perfor...
Mowi ASA – Successful placement of new senior unsecured green bonds Bergen, 25 April 2024 – Reference is made to the stock exchange notice from 22 April 2024. Today, Mowi ASA (rated BBB+/Stable by Nordic Credit Rating) has successfully issued a total of NOK 3,500 million (EUR 298 million) of new senior unsecured green bonds split between two tranches. NOK 2,500 million (EUR 213 million) has been issued with a tenor of 5 years and a coupon of 3-month Nibor + 1.13% margin p.a., and NOK 1,000 million (EUR 85 million) has been issued with a tenor of 8 years and a fixed coupon of 3-month Nibor +...
TGS Q1 2024 Presentation and Webcast OSLO, Norway (24 April 2024) - TGS will release its Q1 2024 results at approximately 07:00 CEST on 8 May 2024. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 CEST at House of Oslo, Ruseløkkveien 34, Oslo, Norway. The presentation is open to the public and can be followed live online. Access and registration for online attendees are available by copying and pasting this link into your browser: The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites. For m...
Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor Meetings Bergen, 22 April 2024 – Reference is made to the stock exchange notice published 26 March 2024 where Mowi announced the assignment of a BBB+ investment grade rating with stable outlook from Nordic Credit Rating. Mowi has mandated Danske Bank (Green Bond Advisor), DNB Markets, Nordea and SEB as Global Coordinators and Joint Lead Managers, and ABN AMRO, Crédit Agricole Corporate and Investment Bank and Rabobank as Joint Lead Managers to arrange a series of physical and virtual fixed income investor meetings commenc...
Mowi reported Q1 operating EBIT of EUR201m, versus our estimate of EUR234m and consensus of EUR230m, which had been lowered from ~EUR270m a few months ago. Profit warnings from peers and available market data suggested fish downgrades in Norway would be an issue, but were actually more than we expected. However, the worst seems over, and while we have cut our Q1–Q2e earnings from Norway, and 2024e EPS by 3.3%, we reiterate our BUY and NOK235 target price.
Mowi ASA (OSE:MOWI): Q1 2024 Trading update Harvest volumes Q1 2024 (1) Farming Norway55.0 thousand tonnesFarming Scotland14.5 thousand tonnesFarming Chile12.5 thousand tonnesFarming Canada8.5 thousand tonnesFarming Ireland1.0 thousand tonnesFarming Faroes2.5 thousand tonnesFarming Iceland (Arctic Fish)2.5 thousand tonnesTotal96.5 thousand tonnes Note:(1) The harvest volumes are provided in gutted weight equivalents (GWE). Additional information Operational EBIT for the Group was approximately EUR 201 million in Q1 2024. Blended farming cost was EUR 6.05 per kg in the quarter. Issues w...
TGS and PGS Receive Norwegian Competition Clearance for Merger OSLO, Norway (17 April 2024) - Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS" or the "Company," OSE: TGS) and PGS ASA ("PGS," OSE: PGS) regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as subsequent announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings. As further announced in the update on...
TGS Publishes its 2023 Annual Report OSLO, Norway (12 April 2024) - TGS, a leading global provider of energy data and intelligence, today published its 2023 Annual Report. In addition, TGS has published its 2023 Sustainability and Management Remuneration Reports (MRR) pursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a(2). Both the 2023 Annual Report and MRR are available on the TGS corporate website to shareholders and other interested parties via this link: . The Annual Report has also been published in European Single Electronic Format (ES...
After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...
Based on the strong intraday share price reaction (+9%), the Q1 late-sales beat appears to have been a relief to investors following the soft Q4. The share price is trading 5% higher than pre-Q4, despite consensus 2024–2025 EPS having come down 20–25%. Moreover, combined late-sales for Q4 and Q1 were c30–35% below initial consensus. We believe the strong share price reaction implies limited room for disappointments, as buy-side consensus appears higher for future earnings, leaving risk/reward ne...
Q1 2024 Revenue Update OSLO, Norway (9 April 2024) - Based on preliminary reporting from operating units, management of TGS ASA ("TGS") expects IFRS revenues for Q1 2024 to be approximately USD 152 million, compared to USD 173 million in Q1 2023. POC revenues* are expected to be approximately USD 227 million, compared to USD 229 million in Q1 2023. POC multi-client revenues are estimated at approximately USD 150 million versus USD 143 million in Q1 2023, with early sales of USD 78 million, down from USD 98 million in Q1 2023, and late sales of approximately USD 72 million, up from USD...
We forecast Q1 operating EBIT of EUR234m, 9% below consensus of EUR258m (results due at 06:30 CET on 8 May). With a solid operating track record in Norway and rebound potential in several international farming regions, we find Mowi’s 35% discount to Bakkafrost and SalMar on a blended 12-month forward P/E unjustified. We reiterate our BUY and NOK235 target price.
TGS Announces Commencement of Penyu Basin Multi-Client 3D Seismic Offshore Peninsular Malaysia OSLO, Norway (3 April 2024) —TGS, the leading global energy data and intelligence provider, alongside JV consortium partners PGS and SLB, announces the commencement of a multi-client 3D seismic project in the Penyu Basin, offshore Peninsular Malaysia. In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian of petroleum resources in Malaysia, this project aims to provide insights on the exploration opportunities in a broader play fairway and to assess the carbon storage ...
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