The Pandora Jewellery Box - November 2024

Very much on track, but slightly lower '25e

FLSmidth (Buy, TP: DKK430.00) - Core continues to shine

We have raised our 2024–2025e clean EBITA by c4% and target price to DKK430 (420), and reiterate our BUY. We like the quality improvement, signals for future mining capital demand picking up, and a possible Cement exit.

FY'24 margin upgrade but orders weaker

Heads-up for report 12 November

Cloudberry (Buy, TP: NOK13.00) - Backlog progressing as planned

The underlying Q3 results were slightly better than we expected on higher realised power prices and lower opex. Maturing its backlog seems to be progressing well, with a storage project and the Nees Hede solar project looking set for FID over the next quarters. We believe Cloudberry is fully funded for this and that future growth is likely to be partially financed by asset rotation. We have upgraded to BUY (HOLD) and maintain our NOK13 target price.

Sparebanken Sor: 1 director

A director at Sparebanken Sor bought 2,600 shares at 191.000NOK 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 clear...

Pandora (Buy, TP: DKK1350.00) - Silver overshadows solid quarter

The Q3 results were largely as expected, and solid given the macro backdrop and tough comparables. We still see some upside risk to the narrowed 2024 top-line guidance. Focus though was mostly on efforts to mitigate higher silver prices, which to an extent are only likely to be evident with the Q4 results, and we believe could also surprise positively. We reiterate our BUY, but have lowered our target price to DKK1,350 (1,400).

Growth story looking even more charming

Another very solid quarter

Sparebanken Sør (Buy, TP: NOK227.00) - Resilient margins and credit qu...

Aided by a positive NII trend, an improved contribution from associated companies and still-modest loan losses, SOR reported a Q3 ROE of 11.7%, despite booking NOK9m of merger-related costs and underlying cost inflation remaining somewhat elevated. After a stable CET1 ratio QOQ, the bank continued to guide for a c2.8%-point benefit from the upcoming new standard method. We reiterate our BUY, and have raised our target price to NOK227 (213) to reflect the agreed exchange ratio and our target pric...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Demant A/S : Q3 review – Factor in weakness in diagnostics

>Q3 review – slower organic growth - Demant’s Q3 revenues of DKK 5,401m (+0.0% y-o-y including, +4% y-o-y excluding communications) were driven by organic growth of 2% (vs ODDO BHF 1.9%, consensus 2.8%) and were 2%/0% vs ODDO BHF/consensus. Acquisitions contributed 200bp, while forex created a headwind of 100bp. No bottom line was reported on a quarterly basis.Hearing aids impacted by high base and competitive environment - Hearing aids sales of DKK ...

Q3 softer, but not as bad as we feared

Demant (Buy, TP: DKK330.00) - Lower end of 2024 guidance likely

In its Q3 trading update, Demant ended at organic revenue growth of c2% (below our forecast and consensus), owing to a soft performance in Hearing Aids and Diagnostics. The 2024 guidance was confirmed, but we find the lower end more likely. However, we note a historically high valuation gap between Demant and Sonova. We reiterate our BUY but have cut our target price to DKK330 (360).

Wallenius Wilhelmsen ASA Minor model adjustments

We have updated our estimates owing to Wallenius Wilhelmsen’s Q3 results, which were broadly in line with our estimates and prompted limited underlying revisions. Hence, we continue to see considerable cash flow inbound (NOK62/share FCFE for 2025–2026e and NOK29/share excess long-term cash) that should be directed towards attractive shareholder returns in the years ahead, as we expect contracts to be renewed at better rates with decent visibility. We do not consider these changes to be material,...