We need clearer signs of delivery

EBIT above and big cash flow release

Cash flow the most important number

We would need more for an upgrade

Q3 below, introduces FY'26 guidance

A higher gear ahead

Re-rated - Down to HOLD (Buy)

Cash flow is returning

Big beat

Positive order momentum, but long tail

NRC Group ASA: 1 director

A director at NRC Group ASA bought 120,000 shares at 6.000NOK and the significance rating of the trade was 71/100. 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...

Orders picking up

Improvements in Norway and Sweden

Important year coming up

Mixed upside potential, despite market recovery expectations

Pent-up demand and falling interest rates remain the backbone for newbuild recovery expectations. However, as the recovery has not yet started, property developers screen as the most attractive long-term, but visibility remains mixed. Diversified construction companies are more attractive on near-term P/Es, although many seem to be fully valued on solid share-price performance over the past six months. We maintain a neutral sector view; NCC and Skanska are our top picks.

Some early signs of improvement

NRC Group (Hold, TP: NOK4.50) - Results will speak for themselves

With its weaker-than-expected Q4, NRC Group reiterated its 2025 guidance for revenue of NOK7bn and an adj. EBIT margin above 2%. However, as the company has missed its revenue guidance and EBIT margin targets for seven years in a row (2018–2024), we await evidence of an EBIT margin recovery. We remain cautious, and believe NRC is a high-risk/high-reward investment case, with ample upside potential should it reach its EBIT margin targets. We reiterate our HOLD, but have cut our target price to NO...

Another messy report - ETM writedown of NOK 30m

Q4e: Improving market outlook

Keeping it cautious in 2024