Q1'24 sector preview

We expect strong Q1 reports and bullish management teams. Oil price assumptions up, near-term gas price slightly down. Best risk/reward in AKRBP, VAR, IPC, TGS, ODL, DOFG and SUBC.

Stronger earnings momentum from Q2e

We estimate USD 156m in Q1 EBITDA. Book-to-bill ~1x in Q1e, solid tender pipeline. Still attractive cash flow yield — BUY, TP NOK 220 (200).

Norway: Best ideas Q1'24

Growth momentum picking up. Increased risk on very high US valuation. Best long ideas are: NHY, STB, SUBC, AFG, BONH, NAS, LINK, LSG, TGS, WAWI.

Inserting the last piece of the puzzle

Earnings and cash flow beat in Q4. Strong backlog support for '24 guidance. Increasing distribution visibility - BUY - NOK 200 (180).

Good Q4, ramping up dividends

Q4'23 sector preview

Q4 reports to show improvements and management to be bullish, but investors fear lower oil prices and poorer fundamentals ahead. Best risk/reward in AKRBP, EQNR, TGS, ODL, BORR, DOFG, SUB (all BUY).

Q4 to show positive momentum

Good momentum into '24e. Medium term expectations not excessive. Attractive free cash flow - BUY.

Crude Quarterly Q4'23: near-term, oil price is in OPEC's hands

OPEC will have to extend cuts through Q1'24 before it can increase production. Oil market fundamentals look strong medium- to long-term. Both E&P and oil service shares look highly attractive.

It has only just begun

Q3 demonstrated the growth trajectory. 2024 guidance appears comfortable. Time to look beyond '24e: BUY. TP NOK 190 (170).

Q3 demonstrates the positive momentum

Strong margin expansion ahead

Earnings accelerating in H2e. We think visibility for '24e is solid. On the path to significant margin expansion - BUY, TP of NOK 170 reiterated.

Crude Quarterly Q3'23: higher for longer

Oil market fundamentals look strong medium-to-long term. Near term, it all hangs on OPEC. Both E&P and oil service shares look highly attractive.

Norway: Best ideas Q3'23

Best ideas are MOWI, ORK, STB, BRG, FRO, ELMERA, TGS, VÅR and ZAP

Management meetings: All stars aligned

On track for strong earnings recovery

Q2 in line, Renewables back at double-digit margins. Strong backlog coverage for '24e. Limited estimate changes - BUY and TP of NOK 170 reiterated.

Q2 looks to be close to expectations

Earnings momentum improving

Q2e to improve, more to come in H2e. Strong order intake, good backlog visibility. Tight supply/demand balance looming - BUY NOK 170.

Crude Quarterly Q2'23: a tad down on oil price assumptions

We have lowered our near-term oil price assumptions for Q3'23-2026e to USD 85 (90) because of slightly lower call-on-OPEC estimates, which is mainly a result of higher assumptions for Russian oil export.

Momentum building

Earnings less soft than feared, but needs more charters. Guidance reiterated with very supportive backlog coverage. Momentum building as we enter H2 : BUY , TP NOK 170.

Look beyond soft Q1e

Solid Q4 EBITDA of USD 169m. Orders surprised, better visibility for '24e and beyond. Still upside from strong cycle - BUY, NOK 170 (160).