reports
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Martin Huseby Karlsen
Hornsea 4 cancellation adds to uncertainty
Ørsted today announced it is cancelling development of the 2.4GW Hornsea 4 project off the UK due to increased supply chain costs, higher interest rates, and greater construction and operational risk (FID was expected later in 2025). The cancellation adds to uncertainty for the offshore wind services industry and overall project profitability within offshore wind. No installation contracts for Hornsea 4 had been disclosed yet, but with Cadeler responsible for foundations and half the turbines on...
- Christoffer Wang Bjørnsen
Atea (Buy, TP: NOK170.00) - Solid performance
Q1 gross profit and EBIT beat our above-consensus estimates, largely on a higher gross margin offsetting a slightly softer-than-expected top line and more opex than we expected. Furthermore, adjusted for FX losses, underlying earnings were well above our estimate and consensus. In short, we see this setting Atea up to track in line with our above-consensus estimates for 2025–2027 (which we have edged up) as well as multiples expansion. We reiterate our BUY, and have raised our target price to NO...
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Christoffer Wang Bjørnsen
Atea (Buy, TP: NOK160.00) - Set up for a strong run
While we have cut our estimates, we expect improving margins on recently launched frame agreements, continued hardware refresh cycles, and a potential shift in customer preferences for IT infrastructure deployment models to contribute to a return to double-digit EBIT growth, in line with or above its historical track record. Although there is clearly risk inherent in the ongoing trade war and recent competitive dynamics, Atea’s heavy exposure to the Nordic public sector should cushion it from su...
- ABGSC IT Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Martin Huseby Karlsen
Takeaways from WindEurope
At the WindEurope event in Copenhagen, we met with companies representing approximately 75% of the global offshore wind installation fleet, gaining insights that support a constructive outlook for the sector. Addressing recent investor concerns related to market growth, the industry has already reflected and anticipated recent downward adjustments in third-party forecasts. With respect to a slowdown ahead in the US market, a second investor concern lately, near-term vessel demand could surprise ...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
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