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ABGSC Small Cap Research ... (+2)
  • ABGSC Small Cap Research
  • Karl Bokvist
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
TDVOX TOBII DYNAVOX AB
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
2020-NO 2020 BULKERS LTD.
ACAST-SE ACAST
GREEN-SE GREEN LANDSCAPING GROUP
SECT.B-SE SECTRA
COOR-SE COOR SERVICE MANAGEMENT
HEM-SE HEMNET GROUP
05/31/24 May 31, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Still at ~10% discount to current NAV

Minor adjustments - Q1e up, long-term reiterated. ABGSC '25e EBITDA +73% vs. cons. TP of NOK 225 (214) – P/NAV of 0.89x.

2020-NO 2020 BULKERS LTD.
05/09/24 May 9, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

As expected, limited revisions expected

Adj. EBITDA of USD 14m (ABGSCe at USD 13m, cons. at USD 13m). No material changes to estimates - balanced outlook. Share to trade in-line with peers.

2020-NO 2020 BULKERS LTD.
05/08/24 May 8, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DNORD S NORDEN A/S
BELCO BELSHIPS ASA ... (+6)

Dry bulk: It's the fleet growth, stupid!

Rates have now appreciated, but new orders have not followed, and low fleet growth is enough for continued optimism.

DNORD S NORDEN A/S
BELCO BELSHIPS ASA
KCC KLAVENESS COMBINATION CARRIERS
2020-NO 2020 BULKERS LTD.
GOGL-NO GOLDEN OCEAN GROUP
HSHP-NO HIMALAYA SHIPPING LTD.
04/25/24 April 25, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Exemplifying the power of payouts

It's the fleet growth, stupid! ABGSC '25e EBITDA +57% vs. cons. TP of NOK 214 (189) – P/NAV of 0.91x

2020-NO 2020 BULKERS LTD.
04/25/24 April 25, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
2020-NO 2020 BULKERS LTD.
02/07/24 February 7, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
2020-NO 2020 BULKERS LTD.
02/07/24 February 7, 2024 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Dividends to treble from 2023e to 2024e

Market strength is driven by fundamentals. ABGSCe '24 EBITDA +54% vs. cons. TP of NOK 172 (189) – P/NAV of 0.86x

2020-NO 2020 BULKERS LTD.
01/25/24 January 25, 2024 1 EN
ABGSC Strategy Research ... (+2)
  • ABGSC Strategy Research
  • Bengt Jonassen
PREMIUM
BONHR-NO BONHEUR
ENTRA-NO ENTRA ... (+9)

Norway: Best Ideas Q4'23

Best ideas are; AKRBP, MOWI, STB, 2020, BONH, DOFG, ENTRA, ELMRA and KOMPL

BONHR-NO BONHEUR
ENTRA-NO ENTRA
ELMRA-NO ELMERA GROUP
AKRBP-NO AKER BP
STB-NO STOREBRAND
KOMPL-NO KOMPLETT
2020-NO 2020 BULKERS LTD.
MOWI-NO MOWI
DOFG-NO DOF GROUP
12/14/23 December 14, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

No changes near term nor long term

Minor adjustment – Q4e EBITDA of USD 17m. ABGSCe '24 EBITDA +68% vs. cons. TP of NOK 189 (174) – P/NAV of 0.67x.

2020-NO 2020 BULKERS LTD.
11/08/23 November 8, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
2020-NO 2020 BULKERS LTD.
11/08/23 November 8, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
HSHIP-NO Himalaya Shippi...
DNORD-DK D/S NORDEN ... (+6)

Dry bulk: Demand is back, rates about to follow

Demand growth now back in positive territory and well above low fleet growth, which should drive dry bulk rates and vessel prices higher.

HSHIP-NO HIMALAYA SHIPPING LTD.
DNORD-DK D/S NORDEN
2020-NO 2020 BULKERS LTD.
GOGL-NO GOLDEN OCEAN GROUP
BELCO-NO BELSHIPS ASA
KCC-NO KLAVENESS COMBINATION CARRIERS
10/12/23 October 12, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Dividend yield of ~40% for 2024e

Demand growth and low ordering make for higher dry bulk rates in '24-25e. ABGSCe '24e EBITDA +55% vs. cons. TP of NOK 174 (219) – P/NAV of 0.73x.

2020-NO 2020 BULKERS LTD.
10/12/23 October 12, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

"Most favourable supply side in decades"

Minor adjustments to estimates. ABGSCe '24e EBITDA +70% vs. cons. TP of NOK 219 (210) – current P/NAV of 0.73x. BUY.

2020-NO 2020 BULKERS LTD.
08/16/23 August 16, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
2020-NO 2020 BULKERS LTD.
08/16/23 August 16, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Short-term slightly up, long-term unchanged

ABGSC estimates up prior to Wednesday 's Q2 report. ABGSCe '24e EBITDA +70% vs. cons ensus. TP of NOK 210 (216) – current P/NAV of 0.77X.

2020-NO 2020 BULKERS LTD.
08/14/23 August 14, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Near-term estimates down, long-term unchanged

Dry bulk fundamentals better than suggested in current spot rates. Near-term estimates down, long-term unchanged. TP of NOK 216 (214) – current P/NAV of 0.69x.

2020-NO 2020 BULKERS LTD.
06/30/23 June 30, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
2020-NO 2020 Bulkers Lt...

Near-term estimates up, long-term unchanged

Lifting near-term estimates. ABGSCe is 62% above cons. for '24e EBITDA, and 83% above for '25e. TP of NOK 214 (208) — current P/NAV of 0.66x.

2020-NO 2020 BULKERS LTD.
05/10/23 May 10, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
2020-NO 2020 BULKERS LTD.
05/10/23 May 10, 2023 1 EN
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
PREMIUM
DNORD-DK D/S NORDEN
2020-NO 2020 Bulkers Lt... ... (+5)

Dry bulk: Demand growth returns in '23e

Demand growth set to turn positive this year, and with an all-time low order book-to-fleet ratio of ~7%, we expect dry bulk rates to appreciate strongly in 2024-25e.

DNORD-DK D/S NORDEN
2020-NO 2020 BULKERS LTD.
GOGL-NO GOLDEN OCEAN GROUP
BELCO-NO BELSHIPS ASA
KCC-NO KLAVENESS COMBINATION CARRIERS
04/13/23 April 13, 2023 1 EN
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