This morning, Tomra Systems reported its Q3 2024 results, broadly in line with our estimates. Q3 2024 sales came in at EUR326m (+6% YoY, vs. EUR308m in Q3 2023) on the back of strong revenues in Collection and improvements in Food. Q3 2024 EBITA stood at EUR44m, (+16% YoY vs. EUR38m in Q3 2023 and
Reported Q3 EBITDA of NOK-90m was far below consensus (NOK-61m) and our estimate (NOK-69m). The backlog keeps declining, and cash burn continues to exceed our expectations. Still, management remains hopeful, guiding for significantly improved EBITDA in Q4 and sees signs of a market recovery. Nel plans to increase focus on costs and expects 50% lower capex YOY. We had expected even lower 2025 capex, as capacity expansion projects in Norway and the US are completed, and we have thus increased our ...
This morning, Nel has reported Q3 2024 revenue at NOK366m (+10% QoQ, +21% YoY), 11.5% below cons. at NOK408m. Another sequential improvement is expected in Q4 (YTD at NOK974m, vs FY24 cons. at NOK1,513m). The quarter followed a pace fairly similar pace to Q2 2024, however with a positive mix effect
Petrobras is expected to reduce 2025 capex from USD21bn to around USD17bn, according to a Reuters article today. Petrobras has a 5-year capex plan, but there are usually changes to its plans, and “current year” / “near-term” spending has a track-record of being revised lower (2024 capex was recently cut c24% to USD13.5bn–14.5bn), as Petrobras has struggled with value-chain delays. The updated spending represents YOY growth in 2025 of c21% (versus c50% earlier). The article mentions equipment pri...
While management has remained optimistic, orders have been few and far between, and most recently a large capacity reservation agreement was cancelled. We see growing impairment risk, as payments from one of its largest clients still appear to be missing (c30% booked 2023 revenues). Focus ahead will be to minimise cost burn, while still searching for new orders to support utilisation of its recent capacity additions. We reiterate our SELL, with a reduced target price of NOK3 (3.5).
The proposed acquisition of Maersk Supply Service is set to position DOF as the market leader in CSVs and large AHTS vessels, giving increased scale in an increasingly sold-out subsea market at attractive terms (24% discount to GAV). We have included Maersk in our estimates, and consider the combined valuation attractive at a 2025e EV/EBITDA of 3.9x and annualised dividend yield of 14% from Q2 2025. We reinstate a recommendation with a BUY and NOK140 target price.
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