+450bp gross margin underpins turnaround

A strong start to 2024 with 5-13% divisional profit beats. +450bp gross margin expansion validates turnaround story. BUY on deep values and turnaround, TP DKK 235 (225).

GN Group (Buy, TP: DKK250.00) - Gaining confidence in management

The Q1 results beat our expectations and consensus, with c5% organic growth and a 12.5% EBITA margin, driven by the Hearing division, while Enterprise and Gaming & Consumer saw c0% organic revenue growth in still-muted markets. The 2024 guidance was maintained for organic sales growth of 2–8%, an EBITA margin of 12–14%, and FCF of >DKK700m. At the upcoming CMD, we expect focus to be on One-GN and market outlook. We reiterate our BUY, and have raised our target price to DKK250 (230).

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...

GN Store Nord : Strong hearing aid business, stabilisation at Enterpri...

>Q1 review – Strong beat on bottom line - GN Store Nord achieved Q1 revenues of DKK 4,303m (+2.1% y-o-y, 0%/+1% vs ODDO BHF/consensus). Q1 adj. EBITA reached DKK 538m (+218% y-o-y, margin 12.5%), which was a strong beat by 35% of our estimates and by 32% vs consensus. EPS reached DKK 1.74 (vs DKK 0.87/0.85 expected). The 2024 guidance is confirmed.GN Hearing - Excellent organic growth on new Nexia platform - GN Hearing’s Q1 revenues of DKK 1,737m (+7....

Nordic banks – statistical update – Swedish bankruptcies April 2024

The total number of bankruptcies was up 65% y-o-y and up 16% m-o-m in April 2024. Corporate bankruptcies were up 81% y-o-y and up 16% m-o-m in April 2024.

Growth and margin beat in key business'

Nordic banks – Statistical update - Norwegian lending March 2024

Total lending grew by 3.3% y-o-y (3.4% adjusted for FX effects) and 0.3% m-o-m. Last month, total lending was up 3.3% y-o-y.

Meeting the CFO

Telia Company AB: 1 director

A director at Telia Company AB bought 14,100 shares at 2.140EUR and the significance rating of the trade was 50/100. 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 clear...

Europris ASA: 1 director

A director at Europris ASA bought 7,232 shares at 68.704NOK and the significance rating of the trade was 69/100. 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...

Nordic Banks - Statistical update - Swedish lending, March 2024

Nordic banks – Statistical update - Danish lending, February 2024

Telia Company (Buy, TP: SEK33.00) - Soft Q1, but limited revisions

Telia reported Q1 service revenue, EBITDA, and cash flow below consensus. However, with the SEK300m/year service agreement after the sale of the Danish operation, we have made limited revisions to our 2024–2025e service revenue, EBITDA, and cash flow. We reiterate our BUY but have cut our target price to SEK33 (35).

ALK-Abello (Buy, TP: DKK145.00) - Set for still-strong European tablet...

We expect another strong quarter for European tablet sales in Q1, up c15% YOY, marking a third consecutive quarter with growth in the teens, which should help boost investor confidence (results due at 07:00 CET on 3 May). However, due to tough comparables for the legacy business and seasonality patterns, we expect the 2024 guidance to be maintained. We reiterate our BUY and have raised our target price to DKK145 (140).

Europris (Buy, TP: NOK80.00) - Not its best report

Both the Q1 results and the 2024 cost guidance disappointed. However, we reiterate our BUY as we continue to find the valuation attractive and believe Europris has a winning concept in the current market, but have lowered our target price to NOK80 (85), reflecting our estimate cuts.

Cash flow volatility was not appreciated

Q1: solid underlying growth and reiterated FCF outlook, but the market focused on the (weak) volatile cash flow in Q1. Uncertainty, limited re-rating potential and soft valuation support. HOLD.

Feeling the pressure

Weak Q1, EBIT 27% below on higher costs. Being squeezed on many fronts – GM & costs. Market will improve, but a soft Q2 is likely: HOLD.

Telia (Buy, TP: SEK33, +24%) Q1 24: Weak headline numbers, but due to...

Telia has reported a weak set of headline numbers, but consensus had not fully adjusted for the one-off items the company had flagged before the quarter. Adjusting for these items, EBITDA is c-0.5% light only. Structural OCF (SOCF) is also light vs consensus, but again, this was flagged as a phasing issue pre the quarter, and again it looks like the messaging was not fully incorporated into numbers.