Antifragile

Q1: Lower costs, and utilisation +1.5pp vs. '17-'19 avg. '24e EBIT up by ~8%. Operational outperformance to continue: BUY, TP of NOK 73 (69).

Figures 29% above

Q2 off to a flyer – estimates up

Q1: Another solid report and 25% y-o-y sales growth in April. Sales up 4-5% and EPS 3-4% for 2024-2026. Strong growth justifies higher multiples: BUY, TP NOK 175 (150).

Solid performance likely to continue

Q1e: We are in line with FactSet consensus. Equinor accounted for ~NOK 1.3bn (~36%) of sales in '23. Operational outperformance to continue: BUY, TP of NOK 69

Blow out April sales (+25% yoy)

Q1 EBITDA / EBIT spot on expectations. 25% yoy sales growth in April boosted by campaigns (we had 6%). Stronger Q2 growth likely to lift '24 EBIT by 3-4%.

Kid ASA: 1 director

A director at Kid ASA sold 4,161,291 shares at 123.000NOK and the significance rating of the trade was 100/100. 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 sh...

SimCorp: 1 director

A director at SimCorp sold 2,800 shares at 506.380DKK and the significance rating of the trade was 50/100. 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 showing...

Bouvet - Quality comes at a price

Strong employee growth and hourly rates in Q3 Minor revisions to ’22-’23 EBIT estimates Resilient and stable IT consultancy: maintain BUY

Bouvet - Better EBIT from employee growth and rates

Q3 EBIT +33% above consensus Hourly rates +6.6%, billing ratio 0.1pp, pay rate +3.1% Positive revisions to consensus’ ’22-‘23 EBIT estimates

Kid - Will strike back

’23e EPS down 10% on lower GM & higher costs New growth initiatives are highly welcomed Confidence hit, but great entry point

Kid - Will strike back

Weak Q3 as expected due to GM hit. Reiterate GM target for 2023, but ’23e EPS down ~8% Confidence hit, but great entry point

Kid - Weaker GM, 23 EPS likely down 7%

Weaker GM given lack of control Likely to reduce ’22 and 23 EPS by 20% and 7% Disappointing for sure

Bouvet - Normalisation of margins ahead

Previous estimates from Feb, we update our forecast Q3: Expect NOK 640m in revenue and NOK 55m in EBIT Resilient and stable IT consultancy: maintain BUY

Kid - Q3: Sales 3.5% below and flattish y-o-y

Sales 3.5% below on softer LFL Full year EBIT likely down ~2% on Q3 sales miss Still strong valuation support

Kid - Standing tall

’23 EPS down 12% on lower expected sales Prepared for challenging times; low debt + track record P/E of 9.0x and ~11% dividend yield – we would BUY

Kid - Ready for a volatile H2’22

Q2: Yet again a solid report and a comforting outlook A favorite in our retail coverage: Outstanding track record P/E below 10x and over 10% divi yield. BUY

Bouvet - Better profitability vs cons in Q2

Q2 EBIT 3% above cons Hourly rates +3.5%, billing ratio +0.5pp, pay rate +2.6% Small positive adj. to cons’ ’22-‘23e EBIT

Kid - Good Q2 finish

Q2 EBITDA +2% on better opex-to-sales % Freight costs at peak – GM should be better going fwd Good summer sales derisks Q3. Limited est chgs

Kid - Q2 beat an de-risking estimates

Q2 sales 3% better. Both NOR and SWE better Q3 estimates look fine in our view Q2 beat, lifts ’22 sales 1.8% and de-risks estimates

Kid - BUY the favourite

A favourite in our retail coverage Q2 looks safe in our view. Estimates unchanged BUY: 2022e P/E below 9x and >10% divi yield