reports
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Mattias Holmberg
Autoliv (Buy, TP: SEK1600.00) - In the fast lane
Despite beating guidance in Q1, Autoliv kept its 2024 guidance intact. In our view, this adds upside potential to consensus for 2024 and some credibility to the 12% medium-term EBIT margin target. Although we estimate 29% YOY growth in 2024e adj. EBIT, fundamentals are likely to be on the sidelines as we expect the company to resume its large share buyback programme in the coming weeks (the mandate has USD873m, c9% of the market cap, left for 2024). We reiterate our BUY and have raised our targe...
Stolt-Nielsen Limited shares trade ex-dividend
Stolt-Nielsen Limited shares trade ex-dividend The shares in Stolt-Nielsen Limited (SNI) will trade ex-dividend $1.50 as from today, Apr.24.2024. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
- Jørgen Lian
Stolt-Nielsen (Buy, TP: NOK555.00) - Solid earnings yield potential
We believe the strong Q2 TCE earnings guidance will set a new ‘normal’ for Tankers, with a low orderbook coupled with strong MR rates and Canal disruption fuelling the strong chemical rates c65% above the five-year average YTD. Hence, we believe the lower COA share provides attractive spot exposure and renewal opportunities. Thus, we calculate a NOK76 EPS over the next four quarters, or an 18% earnings yield. We reiterate our BUY and have raised our target price to NOK555 (500).
Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter ...
Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2024 Stolt-Nielsen Limited Reports Unaudited ResultsFor the First Quarter of 2024 A strong quarter marks a solid start to 2024 LONDON, April 10, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 29, 2024. The Company reported a first-quarter net profit of $104.0 million with revenue of $707.3 million, compared with a net profit of $99.8 million with revenue of $708.7 million in the first quarter of 2023. Highlights for the first quarter ...
- Mattias Holmberg
Autoliv (Buy, TP: SEK1435.00) - Set for an undramatic Q1
We are roughly in line with Q1 consensus, and expect an adj. EBIT margin close to the guidance of c7% and a reiteration of the 2024 guidance. We estimate c30% adj. EBIT growth for 2024 and the cUSD0.9bn of the buyback mandate that remains for this year to further support the stock, which remains one of our sector top picks. We reiterate our BUY, and have raised our target price to SEK1,425 (1,300).
Stolt-Nielsen Limited to Host a Video Conference to Present the Result...
Stolt-Nielsen Limited to Host a Video Conference to Present the Results for the First-Quarter of 2024 LONDON, April 3, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) will host a virtual presentation to discuss the Company’s unaudited results for the first quarter of 2024 on Wednesday, April 10, 2024 at 14:00 CEST (08:00 EDT, 13:00 BST). The virtual presentation will be hosted by: - Mr. Udo Lange - Chief Executive Officer, Stolt-Nielsen Limited- Mr. Jens F. Grüner-Hegge - Chief Financial Officer, Stolt-Nielsen Limited- Mr. Alex Ng - Vice President Strategy & Bu...
- Jørgen Lian
Stolt-Nielsen (Buy, TP: NOK500.00) - Multiples expansion warranted
We find the stock attractively priced at a 2024–2025e average EV/EBITDA of 3.9x and P/E of 5.6x, versus the tanker peer group at 4.2x and 5.9x, respectively. We estimate a 2024–2026 average earnings yield of 18% and believe the diversified earnings, with Tankers constituting c65% of our 2024–2026e EBIT, should support multiples expansion. We reiterate our BUY and NOK500 target price.
Stolt-Nielsen Limited Distributes Materials For the 2024 Annual Genera...
Stolt-Nielsen Limited Distributes Materials For the 2024 Annual General Meeting of Shareholders LONDON, March 22, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that, on March 22, 2024, materials for the Company's Annual General Meeting were mailed to shareholders of record as at close of business on March 21, 2024, who will be entitled to vote at the meeting. Copies of such materials are available at: stolt-nielsen.com/investors/annual-general-meeting/ The Company's Annual General Meeting of Shareholders will be held at the registered office of the Company at Clarendon Hous...
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Stolt-Nielsen Limited Board Recommends Final Dividend of $1.50 per Com...
Stolt-Nielsen Limited Board Recommends Final Dividend of $1.50 per Common Share LONDON, February 22, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that the Company's Board of Directors recommended a final dividend for 2023 of $1.50 per Common Share, payable on May 9, 2024 to shareholders of record as of April 25, 2024. The shares will trade ex-dividend on and after April 24, 2024. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting of Shareholders scheduled for April 18, 2024 in Bermuda. If approved, this will bri...
Disclosure of large shareholding – Odfjell SE
Disclosure of large shareholding – Odfjell SE LONDON, February 05, 2024 – Stolt-Nielsen Norway AS, a subsidiary of Stolt-Nielsen Limited (Oslo Børs: SNI), has today acquired 3,225,000 class A shares in Odfjell SE (‘Odfjell’, Oslo Børs: ODF) and thereby crossed the 10% disclosure threshold. Following the acquisition, Stolt-Nielsen Norway AS holds 8,233,612 class A shares and 5,055 class B shares in Odfjell, equalling 13.6% of the class A shares and 0.0% of the class B shares in Odfjell, representing 13.6% of the votes in Odfjell. Stolt-Nielsen Limited and its subsidiaries do not hold any o...
- Rune Majlund Dahl
- Jørgen Lian
Stolt-Nielsen (Buy, TP: NOK500.00) - Solid outlook for 2024e earnings
We believe the currently record-high chemical freight market backed by an appealing orderbook-to-fleet ratio of c6% could be establishing a new ‘normal’ for rates a higher level and see further upside potential for rates on a strong MR freight market limiting swing tonnage, and with tailwinds for tonne-miles demand on Red Sea disruptions. Hence, we find Stolt-Nielsen attractively valued at an average 2024–2025e EV/EBITDA of 4.0x and P/E ratio of 6.0x versus the tanker peer group at 4.6x and 6.6x...
Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter...
Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2023 Another strong year as positive momentum continues LONDON, February 1, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the fourth quarter and full year ending November 30, 2023. The Company reported a fourth-quarter net profit of $98.4 million with revenue of $695.2 million, compared with a net profit of $95.3 million, with revenue of $732.5 million, in the fourth quarter of 2022. The net profit for the full year 2023 was $296.7 million, with revenue of $2,820...
Completion of the combination between Novozymes and Chr. Hansen
Completion of the combination between Novozymes and Chr. Hansen January 29, 2024 – Company announcement no. 2 Please see attachment. CONTACT INFORMATION Investor Relations Tobias Cornelius Bjorklund Anders Enevoldsen Press Relations Lina Danstrup Attachment
- Mattias Holmberg
Autoliv (Buy, TP: SEK1300.00) - Simply the best
After the Q4 results, Autoliv remains a sector top pick, with 2024e adj. EBIT growing >30% YOY, while the valuation remains supportive at a c10x P/E. We also expect the company to further accelerate share buybacks, where it has cSEK1bn (c12% of market cap) left of the current mandate that runs through end-2024. We have made minor estimate changes and trimmed our target price to SEK1,300 (1,320), and reiterate our BUY.
All necessary regulatory approvals have been obtained for the combinat...
All necessary regulatory approvals have been obtained for the combination of Novozymes and Chr. Hansen January 26, 2024 – Company announcement no. 1 Please see attachment. Contact information Investor RelationsDisa Tuominen Press RelationsSanne Seyer-Hansen Attachment
Stolt-Nielsen Limited to Present the Results for the Fourth Quarter an...
Stolt-Nielsen Limited to Present the Results for the Fourth Quarter and Full Year 2023 LONDON, January 23, 2024 – Stolt-Nielsen Limited (Oslo Børs: SNI) will host a presentation to discuss the Company’s unaudited results for the fourth quarter and full year 2023 on Thursday, February 1, 2024 at 15:00 CET (09:00 EST, 14:00 GMT). The presentation will be hosted by: - Mr. Udo Lange - Chief Executive Officer, Stolt-Nielsen Limited - Mr. Jens F. Grüner-Hegge - Chief Financial Officer, Stolt-Nielsen Limited- Mr. Alex Ng - Vice President Strategy & Business Develo...
- Jørgen Lian
Stolt-Nielsen (Buy, TP: NOK485.00) - Case fuelled by Red Sea events
We believe record-strong chemical rates (c75% above 10-year average), supported by a low orderbook-to-fleet ratio of c8%, could establish a new normal for rates, with additional upside potential from recently announced Suez Canal disruptions and product tanker rates poised to react. Hence, we find Stolt-Nielsen attractively valued at an average 2024–2025e EV/EBITDA of 3.9x and P/E of 5.2x versus the broader tanker peer group at 4.5x and 6.9x, respectively. We reiterate our BUY and have raised ou...
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