reports
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
Subsea7 awarded ‘super-major’ contract offshore Brazil
Subsea7 awarded ‘super-major’ contract offshore Brazil Luxembourg – 2 May 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a super-major contract1 by Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometres off the coast of the state of Rio de Janeiro, Brazil, at 2,000 metres water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system. Project management and engi...
- Simen Mortensen
More Q1 results and a proposed delisting
The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Jean Danjou
- Oliver Metzger
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SOP SOPRA STERIA GROUP SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
TFI TELEVISION FRANCAISE 1 SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ASY ASSYSTEM SA
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
BLND BRITISH LAND COMPANY PLC
NRG NRJ GROUP SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
EBRO EBRO FOODS SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
GN GN STORE NORD A/S
ICAD ICADE SA
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
GLB GLANBIA PLC
COFB COFINIMMO SA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BFSA BEFESA SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
FSNT FASHIONETTE AG
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
LANV PRIMAVERA CAP ACQUISITION CORP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Baptiste Lebacq
- Oliver Metzger
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK205.00) - Progressing as planned
Subsea 7 reached Q1 EBITDA 2% above consensus and 20% above our estimate, while FCF was hurt by NWC, which is set to reverse later in 2025e. The guidance was reiterated and we have made limited estimate revisions; the existing backlog covers 86–47% of our 2025–2026e revenue. Management highlighted that tendering activity remains high and that the pipeline is sheltered from short-term oil price volatility, with the current oil price remaining well above break-even for projects in its pipeline. We...
- Baptiste Lebacq
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK170.00) - 2025 guidance cut significantly
Q1 missed expectations due to a slowdown in Enterprise and a weak US hearing aid market. The 2025 guidance was cut to organic sales growth of -3% to +3% and an EBITA margin of 11–13%, reflecting the implications of tariffs. Guidance was cut for Enterprise and Gaming, but maintained for Hearing, signalling strong confidence in ReSound Vivia. We reiterate our BUY, but have cut our target price to DKK170 (200).
- ABGSC Healthcare Research
- Morten Larsen
Interim Report Q1 2025: Growth challenged by market uncertainty – proa...
Interim Report Q1 2025: Growth challenged by market uncertainty – proactive cost mitigation initiated to support long-term margins Highlights The Hearing division delivered -1% organic revenue growth driven by a strong initial uptake of ReSound Vivia, but off-set by a challenged U.S. market as well as some slowdown of existing products in anticipation of ReSound Vivia. The strong uptake of ReSound Vivia has continued into April, lending support for expected market share gains. As a consequence of the launch initiatives and the challenged U.S. market, the divisional profit margin ended at 2...
Guidance updated: Impact from and mitigation to navigate the global tr...
Guidance updated: Impact from and mitigation to navigate the global trade environment Following the recent announcements by the U.S. administration regarding tariffs, GN now takes further actions to counter the negative direct and indirect effects from the increased tariff levels. With the actions, GN is capable of mitigating the majority of the assumed tariff impact on the EBITA margin in 2025 as well as protecting its mid-term earnings growth. The development in tariffs and its impact on our markets makes our environment more uncertain than normal. As a base assumption for our revised...
- ABGSC Oil & Oil Services Research
- Njål Kleiven
Subsea 7 S.A. Announces First Quarter 2025 Results
Subsea 7 S.A. Announces First Quarter 2025 Results Luxembourg – 30 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2025. Highlights First quarter Adjusted EBITDA of $236 million, up 46% on the prior year, equating to a margin of 15%Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 18% and 10% respectivelyGuidance for full year 2025 reaffirmed A high-quality backlog o...
Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger projec...
Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger project Luxembourg – 29 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 engineering, procurement, construction, and installation (EPCI) contract by bp to Subsea Integration Alliance (SIA) for the Ginger project offshore Trinidad and Tobago. The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7. Building on a long-standing successful relationship, this agreement est...
- Martin Huseby Karlsen
Subsea 7 (Buy, TP: NOK205.00) - Saipem uncertainties reflected
We expect that seasonality and planned maintenance days will affect Q1, and are thus 15% below consensus (our full-year estimates are in line). We believe investor concerns around the Saipem merger are well reflected in the share price, as combined company multiples have come to Saipem stand-alone levels (prior to deal announcement). With cNOK40/share in shareholder returns (c26% of share price) over the next ~18 months, we consider the valuation attractive and have upgraded to BUY (HOLD). We re...
- Alexander Aukner
- ABGSC Healthcare Research
- Morten Larsen
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