Zealand Pharma (Buy, TP: DKK950.00) - Dapiglutide likely next catalyst

Q1 revenue missed expectations on lower reimbursement revenue, while operating profit was a beat, as opex was below our forecast and consensus. The 2025 guidance was maintained for opex of DKK2,000m–2,500m. We believe the next potential share-price catalyst is the top-line results from the phase Ib dapiglutide trial in Q2e. We reiterate our BUY, but have cut our target price to DKK950 (1,000).

Coloplast AS: 1 director

A director at Coloplast AS bought 18,450 shares at 650.500DKK and the significance rating of the trade was 67/100. 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...

DHT Holdings Minor model adjustments

We have updated our estimates following DHT’s Q1 report. Thus, we have raised our 2025e adj. EBITDA by 1%, while largely maintaining 2026–2027e. Supply-side fundamentals remain highly attractive, with a muted ~4% VLCC deliveries expected for 2025–2026 against an ageing fleet and further upside potential to a successful phasing out of vessels involved in illicit trades. On the demand side, we see support from OPEC+’s accelerated return of withheld volumes, while persistent US ‘maximum pressure’ o...

Sampo Oyj (Buy, TP: EUR10.20) - Strong underwriting momentum

Although Q1 PTP declined by 19% YOY to EUR377m, due to a lower investment result, Sampo continued to see strong underwriting momentum, with 9% YOY GWP growth (in local FX) and a 2.5%-points stronger underlying combined ratio YOY. Based on a better synergy outlook from the integration of Topdanmark, it increased its cost improvement guidance. We have raised our 2026–2027e EPS by ~1% on higher growth and ongoing underwriting improvements. We have raised our target price to EUR10.2 (9.8), and reite...

Schibsted (Sell, TP: NOK290.00) - Muted growth continues

The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.

Trim the cost, be the boss

Novo Nordisk (Buy, TP: DKK900.00) - Accelerated Wegovy roll-out ahead

Q1 LCY figures beat our forecasts, while the 2025 guidance was cut to 13–21% LCY sales growth YOY and 16–24% LCY operating profit growth YOY due to weaker GLP-1 sales. We have lowered our rebate for US Ozempic but maintain our 52% Wegovy rebate (in line with the Q1 rebate when adjusting for de-stocking). We reiterate our BUY and DKK900 target price.

"Increasingly a favourable supply story"

~20% better on lower cost

Q1: Group EBITDA +17% vs cons on 9% lower cost. Confidence in targets. Cons '25 EBITDA +5%, stock up 5-10%

All eyes on news targets at CMD

Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price

Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.

Prisjakt sold - closer to a pure marketplace

Prisjakt sold for SEK 500 / NOK ~2 per share