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ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

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.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

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.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

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.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

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

ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven
ABGSC Renewable Energy Research ... (+8)
  • ABGSC Renewable Energy Research
  • Adrian Gilani
  • Åsne Holsen
  • Daniel Vårdal Haugland
  • Haakon Amundsen
  • John Olaisen
  • Olof Cederholm
  • Stian Wibstad

Renewable Weekly – 22 April 2024

This week, we're taking a closer look at Ørsted. Despite challenges in the last few years, we now argue Ørsted is back on the right path. We rate the stock a BUY, and set a 12-month TP of DKK 450/sh.

ABGSC Financials Research ... (+2)
  • ABGSC Financials Research
  • Jan Erik Gjerland
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Åsne Holsen
  • Daniel Vårdal Haugland
ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun
ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven

Norway: One downgrade — three top picks

Muted market outlook - some signs of improvement. Selvaag Bolig down to HOLD (Buy). We favour AFG, MULTI, and VEI.

ABGSC Construct. & Real Estate Research ... (+3)
  • ABGSC Construct. & Real Estate Research
  • Bengt Jonassen
  • Njål Kleiven

A large step towards fixing its balance sheet

Small changes to estimates into report. Large long-term potential. BUY, TP of NOK 135.

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

Profit sharing and more buybacks

Q1e: results before amortisation of NOK 1.17bn and solvency ~191%. Estimates up slightly on AUM and more profit sharing (Sweden). Earnings growth and SBB key focus; BUY, NOK TP 125 (120).

ABGSC Renewable Energy Research ... (+8)
  • ABGSC Renewable Energy Research
  • Adrian Gilani
  • Åsne Holsen
  • Daniel Vårdal Haugland
  • Haakon Amundsen
  • John Olaisen
  • Olof Cederholm
  • Stian Wibstad

Renewable Weekly – 12 April 2024

This week , we provide some insight into the marginal pricing of electricity markets in Europe, as well as calculation details and a simple calculator where investors can enter their own assumptions.

ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad

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.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen

Yet another steady quarter expected

We expect Q1 FCF of NOK 15.9/share. Look out for comments about Johan Sverdrup and Edvard Grieg. A clear BUY, TP to NOK 365 (345) on higher oil price assumptions.

ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad

Positive newsflow to continue

Q1e mgmt EBITDA at USD 106m. Market looks tight despite a few newbuilds. 17% FCF yield (EV), BUY.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
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