Cash flow is returning

Big beat

Signs of momentum picking up

Strong margins, but a small quarter

Sales pace needs to pick up

Positive order momentum, but long tail

If H2 doesn’t step up, '27e won’t stack up

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

Odfjell SE: 1 director

A director at Odfjell SE bought 750,516 shares at 103.000NOK and the significance rating of the trade was 70/100. 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 ...

Limited changes post Q1

Consolidated in line weak from JV's

Good Q1e sales, but recent slow-down

Improvements in Norway and Sweden

Odfjell SE (Buy, TP: NOK170.00) - Gear up for renewed momentum

We believe the low 3% swing tonnage and solid tanker outlook on increased OPEC+ volumes, an ageing fleet, and modest supply growth, along with higher chemical volumes, point to a strong chemical tanker outlook. We estimate a 2025 earnings yield of 26% and find Odfjell attractive at an average 2025–2026e P/E of 3.5x (tanker peers: 5.8x). We reiterate our BUY, but have cut our target price to NOK170 (180), mainly due to FX effects.

Important year coming up

Another abrupt change

The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...

Odfjell SE (Buy, TP: NOK180.00) - On course for a solid rebound

With chemical volumes up 8% MOM in March and accelerated unwinding of OPEC+ cuts, coupled with only 3% tanker deliveries in 2025e and a record-high average fleet age, we see healthy prospects. Hence, we believe Odfjell screens attractively on an 18% 2025–2026e dividend yield, trading at a 2.4x average 2025–2026e P/E (tanker peers: 4.7x). We reiterate our BUY, but have cut our target price to NOK180 (200).

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.

Selvaag Bolig (Sell, TP: NOK32.00) - Unit sales in line, EPS still tra...

Today’s Q1 trading update showed a unit sales recovery broadly in line with our forecast. However, while starts were above our forecast, our 2025e is unchanged at 700 units. Despite KPIs seemingly recovering as expected, we still see downside risk for the stock given the long lead time to profit and dividends and as the valuation looks high relative to peers. Ahead of the Q1 results (due at 07:00 CET on 21 May), we forecast marginally negative Q1 EPS on few deliveries. We reiterate our SELL and ...