reports
- 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...
- Rune Majlund Dahl
GN Group (Buy, TP: DKK230.00) - Time to rebuild credibility
We forecast Q1 organic sales growth of 3.0% YOY (consensus 2.8%) and an EBITA margin of 9.7% (consensus 9.6%). We see Hearing as starting well, and despite still-negative growth in Enterprise, we expect unchanged 2024 guidance. The upcoming CMD offers management scope to rebuild credibility, and we expect updated long-term targets to reflect “One-GN”. We reiterate our BUY and have raised our target price to DKK230 (215).
- ABGSC Healthcare Research
- Morten Larsen
- Tomi Railo
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Pricing does not reflect its growth
We expect Tomra to report a Q1 EBITA of NOK311m (results due at 7:00 CET on 26 April). We have reduced our 2024 EPS estimate by 3% on cuts in the Food segment while we have raised our 2026 by 6% from upwards revisions in the Recycling segment. We have raised our target price to NOK95 (75) while we reiterate our SELL as we struggle to justify its 2024e P/E of 33x (similar to that of the ‘Magnificent 7’ with ~20% annual growth rates) when seen in combination with Tomra’s 2024 revenues growth expec...
Orrön Energy publishes it’s Annual and Sustainability Report for 2023
Orrön Energy publishes it’s Annual and Sustainability Report for 2023 Orrön Energy AB (“Orrön Energy”) is pleased to announce the publication of it’s Annual and Sustainability Report for 2023 and encourages shareholders to read or download the report on Orrön Energy’s website, For shareholders who would like to receive a printed copy of the Annual and Sustainability Report 2023, this can be requested on Orrön Energy’s website or by telephone on . For further information, please contact: Robert ErikssonDirector Corporate Affairs and Investor RelationsTel: 5 Jenny Sandström Communicat...
Orrön Energy publicerar sin års- och hållbarhetsrapport för 2023
Orrön Energy publicerar sin års- och hållbarhetsrapport för 2023 Orrön Energy AB (“Orrön Energy”) publicerar sin års- och hållbarhetsrapport för 2023 och uppmuntrar aktieägare att läsa eller ladda ner rapporten på Orrön Energys hemsida Aktieägare som önskar få ett tryckt exemplar av års- och hållbarhetsrapporten för 2023, kan efterfråga detta via Orrön Energys hemsida eller via telefon på 08-440 54 50. För mer information, vänligen kontakta: Robert ErikssonDirector Corporate Affairs and Investor RelationsTel: 5 Jenny Sandström Communications LeadTel: 8 Denna information är sådan ...
Orrön Energy sells its 50 percent interest in the Leikanger hydropower...
Orrön Energy sells its 50 percent interest in the Leikanger hydropower plant in Norway for MEUR 53 Orrön Energy AB (“Orrön Energy” or “the Company”) is pleased to announce that it has entered into an agreement to sell its 50 percent interest in the Leikanger hydropower plant for an enterprise value of MNOK 613, approximately MEUR 53, to the existing partner Sognekraft Produksjon AS (“Sognekraft”). This transaction forms part of the Company’s strategy of having an opportunistic approach to value creation, and to take advantage of favourable market conditions as they arise. The sale of the L...
Orrön Energy säljer sin 50-procentiga andel i Leikanger vattenkraftver...
Orrön Energy säljer sin 50-procentiga andel i Leikanger vattenkraftverk i Norge för 53 MEUR Orrön Energy AB ("Orrön Energy" eller "bolaget") meddelar att bolaget har ingått avtal om att sälja sin 50-procentiga andel i Leikanger vattenkraftverk för ett företagsvärde om 613 MNOK, cirka 53 MEUR, till den befintliga delägaren Sognekraft Produksjon AS ("Sognekraft"). Transaktionen är ett led i bolagets strategi om att ha en opportunistisk syn på värdeskapande och dra nytta av gynnsamma marknadsförutsättningar när de uppstår. Försäljningen av vattenkraftverket Leikanger möjliggör att bolaget kan...
Notice of the Annual General Meeting of Orrön Energy AB
Notice of the Annual General Meeting of Orrön Energy AB The shareholders of Orrön Energy AB (publ), 556610-8055 (the “Company”), are hereby given notice of the Annual General Meeting to be held on 15 May 2024 at 13.00 (CEST) at IVA Konferenscenter, Grev Turegatan 16, in Stockholm. The entrance to the meeting will open at noon (CEST). Shareholders may choose to exercise their voting rights at the Annual General Meeting by attending in person, through a proxy or by postal voting. Vote at the Annual General MeetingThose who wish to exercise their voting rights at the Annual General M...
Kallelse till årsstämma i Orrön Energy AB
Kallelse till årsstämma i Orrön Energy AB Aktieägarna i Orrön Energy AB (publ), 556610-8055, (”Bolaget”) kallas härmed till årsstämma den 15 maj 2024, kl. 13.00 på IVA Konferenscenter, Grev Turegatan 16 i Stockholm. Inpassering och registrering börjar klockan 12.00. Aktieägare kan välja att utöva sin rösträtt vid årsstämman genom deltagande personligen, genom ombud eller genom poströstning. Utövande av rösträtt vid årsstämmanDen som önskar utöva sin rösträtt vid årsstämman ska: vara införd som aktieägare i den av Euroclear Sweden AB förda aktieboken den 6 maj 2024 eller...
Long-term Incentive Programme 2024
Long-term Incentive Programme 2024 COMPANY ANNOUNCEMENT NO. 7-2024 11 April 2024, Copenhagen, Denmark The Board of Directors of FLSmidth & Co. A/S has today allocated performance shares to members of the Executive Management and key staff (155 persons in total) as part of the Group's Long-term Incentive Programme. The primary purpose of the programme is to retain key staff and to align the interests of shareholders and the incentive programme participants by rewarding performance in accordance with the company’s strategy and its long-term financial targets. The number of per...
Resumé af FLSmidth & Co. A/S' ordinære generalforsamling
Resumé af FLSmidth & Co. A/S' ordinære generalforsamling COMPANY ANNOUNCEMENT 6-2024 10. april 2024, København, Danmark Onsdag den 10. april 2024 kl. 16:00 afholdt FLSmidth & Co. A/S ordinær generalforsamling på selskabets adresse, Vigerslev Allé 77, 2500 Valby, med følgende dagsorden: Bestyrelsens beretning om selskabets virksomhed i 2023Forelæggelse og godkendelse af årsrapport for 2023Godkendelse af honorarer til bestyrelsen: Endelig godkendelse af honorarer for 2023Foreløbig fastsættelse af honorarer for 2024 Anvendelse af overskud eller dækning af underskud i henhold ti...
Summary of FLSmidth & Co. A/S' Annual General Meeting
Summary of FLSmidth & Co. A/S' Annual General Meeting COMPANY ANNOUNCEMENT 6-2024 10 April 2024, Copenhagen, Danmark On Wednesday 10 April 2024 4 pm (CEST), FLSmidth & Co A/S held its Annual General Meeting at the offices of the company, Vigerslev Allé 77, DK-2500 Valby with the following agenda: The Board of Directors' report on the company’s activities in 2023Presentation and approval of the 2023 Annual ReportApproval of the Board of Directors’ fees: Final approval of fees for 2023.Preliminary determination of fees for 2024 Distribution of profits or covering of losses in accord...
- Toby Thorrington
Orrön Energy - Capitalising on renewable ambitions
Orrön Energy’s capital markets day reinforced its operational achievements and its strong growth pipeline. Since July 2022 Orrön has continued to deliver on its growth ambitions, by increasing its production capacity fourfold to 400MW. It also has a 40GW pipeline of organic greenfield development projects across five countries, positioning Orrön to capitalise from growing renewable targets and regulatory support. It has a strong balance sheet with €92m net debt at year-end 2023 and a revolving c...
Annual General Meeting 2024 – GN Store Nord A/S
Annual General Meeting 2024 – GN Store Nord A/S Today, GN Store Nord A/S held its Annual General Meeting. The Annual General Meeting was held in accordance with the agenda announced on February 19, 2024, as set out below. The report by the Board of Directors was noted by the general meeting. The Annual Report 2023 and the proposal on distribution of annual profits, including no distribution of dividends, were approved, and discharge was granted to the Board of Directors and the Executive Management. The general meeting approved the remuneration to the Board of Directors for 2024, ...
INDKALDELSE til ordinær generalforsamling i FLSmidth & Co. A/S
INDKALDELSE til ordinær generalforsamling i FLSmidth & Co. A/S COMPANY ANNOUNCEMENT NO. 5-202413 marts 2024, København, Danmark Bestyrelsen indkalder herved til ordinær generalforsamling onsdag den 10. april 2024 kl. 16.00 på selskabets adresse, Vigerslev Allé 77, 2500 Valby. Dagsorden: Bestyrelsens beretning om selskabets virksomhed i 2023Forelæggelse og godkendelse af årsrapport for 2023Godkendelse af honorarer til bestyrelsen: a. Endelig godkendelse af honorarer for 2023 Bestyrelsen foreslår uændret godkendelse af honorarerne for 2023, som blev f...
NOTICE TO CONVENE the Annual General Meeting of FLSmidth & Co. A/S
NOTICE TO CONVENE the Annual General Meeting of FLSmidth & Co. A/S COMPANY ANNOUNCEMENT NO. 5-202413 March 2024, Copenhagen, Denmark The Board of Directors hereby convenes the Annual General Meeting to be held on Wednesday 10 April 2024 at 4 pm (CEST) at the offices of the company, Vigerslev Allé 77, DK-2500 Valby. Agenda: The Board of Directors' report on the company’s activities in 2023Presentation and approval of the 2023 Annual ReportApproval of the Board of Directors’ fees: a. Final approval of fees for 2023. The Board of Directors proposes unchanged approval ...
- Rune Majlund Dahl
Demant (Buy, TP: DKK400.00) - Improved long-term outlook
At its CMD, Demant updated its long-term outlook. It now targets 8–10% LCY growth (7–10%) including 6–8%-points organic growth and c2%-points M&A growth, and still sees incremental EBIT margin expansion. It expects the hearing-aid market to grow 4–6% p.a. in value (2–5%), as ASP is now guided fairly flat. We are positive on the Sirius-based Oticon Intent launch. We reiterate our BUY, and have raised our target price to DKK400 (375).
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
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