We have increased our 2024–2025e EBITDA by c2–7% on higher metal price assumptions, and despite the recent strong share-price performance, find the low valuation multiples highly appealing. We expect a material rise in Q3 earnings due to more favourable metal prices and better mining operations than in preceding quarters. In addition to the favourable position in copper and gold mining, we remain intrigued by company-specific earnings drivers for 2024–2027. We reiterate our BUY and have raised o...
Interest rates have seemingly peaked, and more cuts are expected. Given the level at which rates are set to stabilise, we still expect some upward pressure on book value yields. NAV-wise, this is likely to be offset by rental growth and retained earnings, but our base case is limited growth in 2024–2025e. Rental KPIs remain the key focus, as vacancy rates continue to rise, particularly for offices, but so far rental prices have held firm. We maintain our neutral sector stance, with Castellum and...
Mowi announced a 600kt harvest volume target by 2029 (540kt by 2026), and +620kt in a blue-sky scenario. This equates to a 2025–2029e CAGR of 3.7% versus 2.0% for the industry. The company also reported a cost-cutting programme of EUR300m–400m, accounting for ~10% of the total cost base through smart farming, post-smolt, and general cost savings. New technologies are explored, but within prudent limits. We are left with a solid impression that the company would grow through proven technology and...
Capital Markets Day: Mowi is positioning itself for continued volume growth and further cost improvement (Bergen, 26 September 2024) Mowi is today hosting a Capital Markets Day where the company presents its plans for continued volume growth from 500,000 tonnes to 600,000 tonnes in its farming division as well as further cost improvement in the order of EUR 300-400 million. The world’s largest farmer and value-added processer of salmon, Mowi, today hosts a Capital Markets Day in Trøndelag, Norway, where the company is presenting its plans and strategy to cement its leading position in the ...
Kapitalmarkedsdag: Mowi rigger seg for videre volumvekst og ytterligere kostnadsforbedringer (Bergen, 26. september 2024) I dag arrangerer Mowi sin kapitalmarkedsdag hvor selskapet presenterer planer om videre volumvekst for havbruksvirksomheten fra 500 000 tonn til 600 000 tonn, samt ytterligere kostnadsforbedringer i størrelsesorden 300-400 millioner euro. Verdens største oppdretter og videreforedler av laks, Mowi, arrangerer i dag sin kapitalmarkedsdag på Fosen i Trøndelag. Der presenterer selskapet sin strategi og planer de neste årene for å styrke posisjonen som ledende i næringen. –...
A director at Elekta AB sold 7,250 shares at 65.000SEK and the significance rating of the trade was 53/100. 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 showin...
We believe NRC remains a high-risk EBIT margin recovery case (with potentially high returns). However, based on the 2024 guidance and its Q1s being low season from winter effects, we expect no signs of an EBIT margin recovery until Q2 2025 at the earliest. Also, given NRC’s track record, numerous quarters of profit recovery may be needed for the share to reprice. In an M&A scenario, due to its low EV/sales, we could see upside potential, but this is not our base case. On our updated forecasts (n...
This report provides an overview of the dynamics, companies, history, challenges and opportunities of the salmon farming industry. Biological challenges and stricter regulations over the past decade have curbed the supply of salmon, a globally consumed product with a strong ESG angle. Significant infrastructure investments made by the companies to solve these challenges have not yet yielded materially higher supply, leading to continued high salmon prices. Despite higher EBIT margins the sector ...
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