Still a BUY

Q1'24 EBITDA of NOK 5.8bn expected, '24e EBITDA up 4%. Upstream better, lower volumes and margin pressure downstream. Reiterate BUY — TP NOK 75 (68).

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.

Market is tightening – up to BUY

We raise our aluminium price forecast on a rapidly tightening market. UP to BUY (Hold), TP NOK 68 (65).

Closing in on a trough

2024e EBITDA down 5% after report. Market closing in on a bottom. Stick to HOLD, TP NOK 65.

EBITDA below, but low quality miss

Supply-demand balance likely to improve

Major impairments for Q4'23

First glance CMD material

CMD coming up

We expect increased targets, but also higher capex. Lowering estimates on weaker re-melt margins. Stick to HOLD, TP NOK 65.

An eventful quarter

Q3: underlying better. Still challenging market outlook. Stick to HOLD, TP NOK 65.

An eventful quarter

Updating estimates after fiscal budget

Q3: We cut EBITDA to NOK 3.9bn following changes to Co2 compensation. '24/25e estimates down 3-4%, we stick to HOLD, TP NOK 65.

Q3'23: Expectations too high

Q3: We expect EBITDA of NOK 4.6bn vs . cons at NOK 5.5bn. Aluminium price finding a floor. Stick to HOLD, TP NOK 65.

Norway: Best ideas Q3'23

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

We were wrong - down to HOLD

Q2 figures in line but Q3 will be weaker. Capex guidance lifted by NOK 4bn. Down to HOLD (Buy), TP NOK 65 (80).

EBITDA in line, but higher cost in Aluminium metal

Costs and prices down on weak cycle

Q2'23: We pencil in EBITDA of NOK 7.1bn. Stick to BUY, TP NOK 80 (93).

Leading indicators for OECD industrial production

OECD: The indicator points up a bit from a low level. IP growth has dropped. US: The indicator points up a bit from a low level (housing starts, monetary policy, real FX). EU: The indicator points down (monetary policy, bond yields, real FX). Japan: The indicator is neutral (monetary policy vs hous

Ready for another leg up

Strong report, small changes to estimates. We stick to BUY

EBITDA 2% above consensus