AF Gruppen ASA: 11 directors

Eleven Directors at AF Gruppen ASA sold/bought 434,007 shares at 186.744NOK. The significance rating of the trade was 74/100. 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 ye...

Nearing a full recovery

Strong performance across the board

On course in clearer waters

Heading back to historic levels

Strong report, NOK 4/sh in DPS

Terminating coverage

A higher gear ahead

A higher gear

Regaining its historical track record

Strong Q2 driven by Civil and Sweden

Return of the Swede - performance picking up

XXL ASA: 3 directors

Three Directors at XXL ASA sold 40,572,464 shares at 10.000NOK. The significance rating of the trade was 89/100. 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 s...

Small improvements, more to come

Q1 in line, introduces 2028 targets

XXL ASA (Hold, TP: NOK11.00) - Encouraging LFL growth

The Q1 results were below expectations, but we find the positive LFL growth encouraging amid challenging winter conditions and years of consecutive negative LFL growth. We have reinstated our recommendation at HOLD (NO REC) and target price at NOK11 (N/A), as the earnings trend remains subdued and near-term multiples and financial risk are high. However, this is partly offset by Frasers' NOK10 per share bid for the company.

XXL ASA (No_rec, TP: NOK) - Q1 below, but back to growth

We consider this a slightly negative report for XXL, including figures below expectations despite revenue growth in a quarter with challenging winter conditions. We expect consensus 2025e EBITDA to come down 3–5% and find a slight negative share price reaction warranted.

Up to BUY - excessive share price fall

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.

AF Gruppen (Sell, TP: NOK120.00) - Q1 results are secondary

Given the E4 Bypass Stockholm project cancellation and the filing of fraud charges with the Swedish police by Trafikverket, our focus will be on the company’s position in Sweden, not its Q1 results. AF Gruppen has released limited details on the Trafikverket situation and has denied the charges. Ahead of the results (due at 07:00 CET on 15 May), we are below consensus on Q1e EBIT, despite being at the consensus midpoint. We reiterate our SELL and NOK120 target price.