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.
Coor reported a solid Q1, in line with expectations, and we have only tweaked our forecasts following the results. A strong contract extension trend has derisked 2024, with contract volumes YTD already matching the full year 2023 delivery, suggesting a more stable base for growth and efficiency improvements. We continue to like its FCF profile, low operating risk, scope for value-enhancing acquisitions, and strong yield support. We reiterate our BUY and have raised our target price to SEK59 (57....
Two Directors at JM AB bought/maiden bought 1,550 shares at between 183.170SEK and 184.000SEK. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ov...
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
Higher tax costs than forecast meant Q1 EPS missed expectations. Sales of new homes were broadly in line with our estimate – but starts were below, prompting us to cut our 2024e EPS by c19% and 2025e by c5%. However, expecting a catch-up effect, we have raised our 2026e EPS by c16%. In our view, the valuation is already pricing in a market recovery, while we still see a risk of setbacks, mainly from fewer and slower interest rate cuts, and we see a better risk/reward elsewhere in the sector. We ...
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. Member states will have two years to incorporate the provisions into their national legislation. While Q1 is Nordic construction’s low season due to winter effects, we see some downside risk to Q1e consensus and longer-term to 2024–2026e EBIT on lower development gains. We recommend a stock-picking approa...
With no asset divestments of Commercial Development (CD) projects, we expect Q1 group EBIT to be below Infront consensus (results due at c07:30 CET on 8 May). However, with the strong announced orders, we expect a beat on order intake. KPIs in Residential Development (RD) are likely to be weak, we believe, but up from the all-time lows last year. We reiterate our BUY and SOTP-based target price of SEK225.
With solid announced orders in Q1, we expect order intake above consensus, but EBIT below due to the cold Nordic winter and early Easter (results due 6 May (time TBA)). We also believe consensus is too bullish on the speed of Property Development’s recovery. We find the recent share price rally an overreaction and have downgraded to SELL (HOLD), with a raised target price of SEK58 (52), reflecting our updated estimates and peer valuation.
After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...
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 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 ...
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...
Due to Nordic winter effects, Q1 typically marks low season for Veidekke. We are below consensus on Q1e EBIT, forecasting a low-season nominal loss. We expect reduced long-term civil engineering spending in Norway following publication of the new National Transport Plan (NTP), but with a weaker NOK, our 2024–2026e EPS are broadly unchanged. We have raised our target price to NOK120 (115) to reflect higher peer multiples, but reiterate our HOLD.
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 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...
The share price has rallied on the peak interest rate narrative, improved consumer sentiment and short covering, but new housing sales remain weak QTD. We expect Q1 profit to miss Infront consensus on price cuts, but starts to be above (results due at 08:00 CET on 23 April). Overall, we believe the share price has run too far ahead of the recovery and profit lead times are much longer than reflected in market expectations. We reiterate our SELL, but have raised our target price to SEK155 (130).
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...
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...
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