reports
Subsea 7 S.A. notification of major holding
Subsea 7 S.A. notification of major holding Luxembourg – 3 May 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 3 May 2024, Barclays Capital Securities Limited1 informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows: On 30 April 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 1,044,272 On 30 April 2024 the total numb...
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a note on Aker BP highlighting our growing concerns of sharp cuts to consensus FCF, with capex assumptions beyond 2026 looking far too low to us – we are ~40% below consensus on 2027–2030e FCF. As well as BW Energy’s Q1 trading update revealing net production just below our estimate, it announced a sale & leaseback agreement, which we see as marginally accretive to our NAV. In other news, we believe the Tyra ramp-up will be in focus in BlueNord’s Q1 results, due next week
- Simen Mortensen
Ncc (Buy, TP: SEK150.00) - Q1 in line with our expectations
Q1 is low season for NCC, but we believe the EBIT miss versus Infront consensus was likely due to some consensus participants overlooking the early Easter effect. With the Q1 results broadly in line with our estimates, we have made only minor forecast changes, and reiterate our BUY and SEK150 target price.
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
Subsea 7 S.A. 2024 Annual General Meeting
Subsea 7 S.A. 2024 Annual General Meeting Luxembourg – 2 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that, at the 2024 annual general meeting of shareholders on 2 May 2024, all resolutions were approved, including the payment of a dividend of NOK 6.00 per common share, to be paid in two equal instalments. The minutes of the annual general meeting which detail the resolutions passed and the result of the votes cast in relation to each resolution are attached and available at subsea7.com. **************************************************************...
Subsea7: Subsea Integration Alliance collaboration agreement with Equi...
Subsea7: Subsea Integration Alliance collaboration agreement with Equinor; Commencing work on Wisting and Bay du Nord Luxembourg – 2 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the signing of a new long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance (which comprises Subsea7 and OneSubsea). The agreement, which was signed today in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them eco...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Tomi Railo
Cargotec (Buy, TP: EUR88.00) - Attractively valued quality
Following a solid Q1, we have raised our 2024–2026e clean EPS by c11% on average and target price to EUR88 (77). Our positive case elements (Handling it successfully, 21 March) have strengthened and we reiterate our BUY as value creation potential remains.
- Steffen Evjen
- Hanna Lindbo
Nobia (Hold, TP: SEK5.00) - Ongoing renovation
We have lowered our 2024–2025e sales slightly and our adj. EBIT by 10–5% ahead of the Q1 results. While we find Nobia’s financial position has improved significantly following the de-leveraging measures, we see some demand uncertainty into 2025 and 2026 (primarily in the Project business), and reiterate our HOLD, but have raised our target price to SEK5 (3.58), based on a blended 2-year forward EV/sales of 0.65x.
Notifiable trading – Equinor ASA
Notifiable trading – Equinor ASA A close associate to a primary insider in Equinor ASA (OSE: EQNR, NYSE: EQNR) has sold shares in Equinor ASA. Alf Torstensen, close associate to executive vice president Siv Helen Rygh Torstensen, has on 30 April 2024 sold 350 shares in Equinor ASA at a price of NOK 300.90 per share. Details of the sale of shares are set forth in the attached notification. This is information that Equinor ASA is obliged to make public pursuant to Article 19 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegi...
Meldepliktig handel - Equinor ASA
Meldepliktig handel - Equinor ASA En nærstående til en primærinnsider i Equinor ASA (OSE: EQNR, NYSE: EQNR) har solgt aksjer i Equinor ASA. Alf Torstensen, nærstående til konserndirektør Siv Helen Rygh Torstensen, har den 30. april 2024 solgt 350 aksjer i Equinor ASA til en pris per aksje på NOK 300,90. Detaljer om salget av aksjer følger av vedlegget til denne meldingen. Denne opplysningen er informasjonspliktig etter artikkel 19 i EU Market Abuse Regulation samt verdipapirhandelloven §5-12. Vedlegg
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
Cargotec's interim report January–March 2024: Comparable operating pro...
Cargotec's interim report January–March 2024: Comparable operating profit margin improved in all business areas CARGOTEC CORPORATION, INTERIM REPORT JANUARY–MARCH 2024, 30 APRIL 2024 AT 9:00 AM (EEST) Cargotec's interim report January–March 2024: Comparable operating profit margin improved in all business areas Sequentially stable demand in Hiab and Kalmar, Hiab's orders amounted to EUR 386 million and Kalmar's EUR 402 millionMacGregor’s merchant and services businesses' good performance continued, challenges remain in offshore projectsHiab's comparable operating profit margin was 16.6 (1...
Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen ...
Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen liikevoittoprosentti parani kaikilla liiketoiminta-alueilla CARGOTEC OYJ, TAMMI–MAALISKUUN 2024 OSAVUOSIKATSAUS, 30.4.2024 KLO 9.00 Cargotecin osavuosikatsaus tammi–maaliskuulta 2024: Vertailukelpoinen liikevoittoprosentti parani kaikilla liiketoiminta-alueilla Kysyntä edellisen vuosineljänneksen tasolla Hiabissa ja Kalmarissa, Hiabin saadut tilaukset olivat 386 miljoonaa euroa ja Kalmarin 402 miljoonaa euroaMacGregorin kauppalaiva- ja huoltoliiketoimintojen hyvä suoritus jatkui, haasteet offshore-projekteissa jatkuvatH...
Scatec first quarter 2024: Pursuing new valuable growth after finalisi...
Scatec first quarter 2024: Pursuing new valuable growth after finalising all time high construction programme Oslo, 30 April 2024: In the first quarter, Scatec reported proportionate revenues of NOK 1.2 billion (2.6 billion), with an EBITDA of NOK 848 million (765 million). Scatec continues to deliver on its strategy of growing renewable energy in emerging markets. The company finalised its largest construction programme during the quarter and reached commercial operations for the solar plants in Brazil (Mendubim) and Pakistan (Sukkur). Together with the hybrid solar and battery storage...
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- 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...
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Headwinds for Recycling
Recycling reported disappointing Q1 adj. EBITA of NOK7m on lower revenues, which also hurt margins. Given the solid order intake – a bright spot in the report – we have only reduced our 2025–2026e EPS by 3–4%. We struggle to justify the 2024e P/E of 39x (similar to the ‘Magnificent 7’, with ~20% average annual growth rates) coupled with 2024e revenue growth of only ~3–4% and risk to 2025–2026e growth from potential delays in Poland and the UK’s DRS implementations. We reiterate our SELL and NOK9...
- Steffen Evjen
Weekly news, topics & discussion
This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.
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