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ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Åsne Holsen
  • Bengt Jonassen
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Oscar Lindquist
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Oscar Lindquist
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Henrik Bartnes
  • Petter Nystrøm
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Oscar Lindquist
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Ali Shemmari
  • Petter Nystrøm
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Henrik Bartnes
  • Petter Nystrøm

Q1 weaker on lower volumes

Adj. EBIT 15% below on lower volumes due to mild winter. Cons estm down 4-5%, stock down ~3%

ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Åsne Holsen
  • Bengt Jonassen
Simen Mortensen
  • Simen Mortensen

Veidekke (Hold, TP: NOK150.00) - Q1 was a supportive non-event

Q1 EBIT was NOK-43m, slightly below our forecast, with low seasonal profits due to winter effects in the asphalt operations. This is a seasonally insignificant quarter for the company due to the winter season, and, for context, we expect 2025 EBIT of NOK1.7bn. Order intake and backlog were the Q1 strong points. With the results and commentary supportive of our earnings forecasts, we have made minor estimate changes on the group level and reiterate our HOLD, but have cut our target price to NOK15...

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