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 PRESS RELEASE

Q1 update: Novonesis delivers 4% organic sales growth in line with exp...

Q1 update: Novonesis delivers 4% organic sales growth in line with expectations and reports progress on the integration For the first quarter as Novonesis, the company delivers 4% organic sales growth in line with expectations. Novonesis maintains the 2024 outlook of 5-7% organic sales growth with an adjusted EBITDA margin of around 35%. COPENHAGEN, Denmark – May 3, 2024. In the first three months of the 2024 financial year, Novonesis delivers 4% organic sales growth against a strong comparator. The organic sales growth in the first quarter is driven by both Food & Health Biosolution...

 PRESS RELEASE

Trading statement Q1 2024

Trading statement Q1 2024 Novonesis realized 4% organic sales growth in line with expectations and maintains 2024 outlook. Ester Baiget, President & CEO: “I am pleased with the first quarter organic sales growth of 4% with growth in both Food & Health and Planetary Health. We are off to a good start in line with expectations and very well on track to deliver 5-7% organic sales growth for the full year with an adjusted EBITDA margin of around 35%. It’s highly comforting to see our new organization’s focus on both short and long-term deliverables and developments.” Pro forma sales perfo...

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

If it's too good to be true, it usually is

Salmon prices higher on another blow to '24e supply, but farmers struggling to reap the benefits due to weak biology. Valuation not demanding, but more mixed triggers short term.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Close to the inflection point

Q1'24e EBIT of NOK 232m (FactSet cons. NOK 293m). Inflection point biology-wise in H2 supports '25e-26e growth. BUY on '25e P/E of 9x and pot. upside from strategic review.

 PRESS RELEASE

Resolutions from the annual shareholders’ meeting 2024

Resolutions from the annual shareholders’ meeting 2024 Today an ordinary shareholders’ meeting was conducted. The following resolutions were made:•  Approval of the audited Annual Report for 2023•  Approval of distribution of profit with payment of an ordinary dividend of DKK 2.00 or EUR 0.27 per A/B share of DKK 2 for the last four months (September 1 - December 31) of 2023. Legacy Novozymes shareholders will then have received a total pay-out of the 2023 adjusted net profit of DKK 6.20 per share, which equals an increase of 3% compared with 2022.•  Approval of the Remuneration Report fo...

 PRESS RELEASE

Tryg A/S – total number of voting rights and capital

Tryg A/S – total number of voting rights and capital With reference to section 32 of the Danish Capital Markets Act (Kapitalmarkedsloven), Tryghereby publishes the company's total number of voting rights and the total share capital. After the capital decrease registered on 29 April 2024 the company's share capital was reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. Tryg's nominal share capital amounts to DKK 3,081,960,545 equivalent to 616.392.109 shares and 308,196,054,500 voting rights as of 30 April 2024. Attachment

 PRESS RELEASE

Tryg A/S – capital reduction

Tryg A/S – capital reduction   At Tryg’s annual general meeting on 21 March 2024, it was decided to cancel repurchased shares from the Group’s share buy back programmes. The Group’s share capital is reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. The reduction of the share capital was announced by the Danish Business Authority on 22 March 2024. Tryg has not received any objections to the capital reduction. Therefore, the reduction is effective as the Danish Business Authority has registered the capital reduction. After the cancellation of the 18,442,871 repurchased share...

Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. 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 year...

ABGSC Financials Research ... (+2)
  • ABGSC Financials Research
  • Jan Erik Gjerland

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

Håkon Astrup
  • Håkon Astrup

Storebrand (Buy, TP: NOK125.00) - Signs of gradual improvement

Q1 PTP was up 30% YOY, largely driven by strong AUM growth and increased interest rates. The Insurance segment showed signs of improvement after several rounds of repricing in previous quarters, supporting the 2025 financial targets. Following regulatory approval and a 191% Solvency II ratio, Storebrand launched a NOK1.1bn buyback programme. We reiterate our BUY and have raised our target price to NOK125 (120) following ~4% positive EPS revisions for 2025e.

ABGSC Financials Research ... (+2)
  • ABGSC Financials Research
  • Jan Erik Gjerland
 PRESS RELEASE

Tryg shares are traded ex-dividend

Tryg shares are traded ex-dividend Today, 18 April 2024, Tryg shares are traded ex-dividend of DKK 1.95. Attachment

Håkon Astrup
  • Håkon Astrup

Tryg (Buy, TP: DKK185.00) - Continued underlying improvement

Q1 PTP was down 15% YOY to DKK1,007m (as we and consensus expected), reflecting the harsh winter weather and a high-profile claim in Sweden. However, the underlying claims ratio extended its long run of improvements, ending 0.5%-points stronger YOY. Given the ongoing premium repricing and CMD in December, we expect focus to remain on maintaining underwriting discipline, supporting continued improvements. We have made limited changes to our 2025–2026e net profit, and reiterate our BUY and DKK185 ...

 PRESS RELEASE

Reporting of trading in Tryg shares by senior management and their rel...

Reporting of trading in Tryg shares by senior management and their related parties  CEO Johan Kirstein Brammer has transferred 4,365 Tryg shares at DKK 138.8 for a total amount of DKK 605,862 on 17 April 2024.                                                            Attachment

 PRESS RELEASE

Reporting of granting of Tryg shares to Allan Kragh Thaysen (CFO) and ...

Reporting of granting of Tryg shares to Allan Kragh Thaysen (CFO) and Alexandra Bastkær Winther (CCO)   Group CFO Allan Kragh Thaysen has been granted 5,002 Tryg shares for a total amount of DKK 687,775. Group CCO Alexandra Bastkær Winther has been granted 4,473 Tryg shares for a total amount of DKK 615,037. Granting of the shares are related to the bonus programme in 2020. Attachment

 PRESS RELEASE

Tryg A/S – 1. kvartals rapport 2024

Tryg A/S – 1. kvartals rapport 2024   Trygs bestyrelse har i dag godkendt 1. kvartals rapport for 2024 Tryg rapporterede et insurance service result på 1.275 mio. DKK (1.474 mio. DKK) og en combined ratio på 86,6 (84,0) i 1. kvartal 2024 påvirket negativt af højere end normalt vejr- og storskader niveau for mere end 180 mio. DKK. Den underliggende erstatningsprocent for Tryg Koncernen blev forbedret med 0,5 procentpoint, hvorimod Privat havde en forværring i den underliggende erstatningsprocent på 0,5 procentpoint påvirket af en stigning i frekvensen for motor skader. Tryg rapporterede en...

 PRESS RELEASE

Tryg A/S – Interim report Q1 2024

Tryg A/S – Interim report Q1 2024   Tryg’s Supervisory Board has today approved the Q1 2024 interim report. Tryg reported an insurance service result of DKK 1,275m (DKK 1,474m) and a combined ratio of 86.6 (84.0) in Q1 2024, adversely impacted by more than DKK 180m higher than normal weather and large claims level. The underlying claims ratio for the Group improved by 50bps, whilst the Private segment displayed a deterioration of 50bps driven by an increase in motor claims frequency. Tryg reported a top-line growth of 4.8% primarily driven by price increases to offset inflationary pressu...

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