Higher near-term estimate risk

Q1e unlikely to reveal numbers; we leave estimates unchanged, although lower contract activity raises '24e risk somewhat. Reiterating HOLD at '24e P/E of 83x with DKK 310 TP (290).

Margin guidance does not look so brainy

'24 EBT margin guidance makes little sense - ABGSCe 9-3pp above. Raising '24e-'26e revenues by 6-9% and EPS by 10-12%. We stay on the sidelines despite impressive performance: HOLD

Simply impressive

Breaktime despite impressive performance

H2e: Revenues up 13% y-o-y, down 20% h-o-h; 28% EBT margin. '24e-'25e EBT up 22-24% on lower costs, but very low visibility. Down to HOLD on slowing revenue and earnings growth in '24e.

Raises guidance even more than expected

Signs MoU for a 6-year project in Ghana

No change to positive view after trading update

Unchanged estimates ahead of Q3

Q3 focus will be on growth investments and internationalisation. H2 weaker than H1; still expect further guidance upgrade(s) in '23. Unchanged estimates; reiterate BUY with unchanged DKK 235 TP

A disruptive and unsung earnings compounder