Dexcom Q1: strong growth and positive news

Nordic Semiconductor (Buy, TP: NOK160.00) - Not too bad given tail-end...

While implied guidance for H1 revenues is ~1–4% below our forecast and consensus, the underlying sequential performance is directionally in line with the broader set of peers to have reported to date. We find this growth and gross margin profile solid, given we are at the tail-end of the life of Nordic’s 10-year-old 55nm technology platform. Combined with the arguably unprecedented level of uncertainty for the company’s customers, we find it achieving a ~50% gross margin and accelerated Cellular...

Nordic Semiconductor ASA: 1 director

A director at Nordic Semiconductor ASA bought 20,090 shares at 102.500NOK and the significance rating of the trade was 50/100. 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 over the last two y...

Soft Q1 growth from Logitech

14% drop seems like an overreaction

Q1 beat, but muted Q2 guidance

Telia Company (Buy, TP: SEK39.00) - On track towards full-year targets

Telia reported a solid Q1, with 1.8% service revenue growth YOY, 6.7% EBITDA growth, and SEK1.7bn in FCF. The performance strengthens our view that Telia can reach its full-year targets. We reiterate our BUY and have raised our target price to SEK39 (38.5).

Telia Company AB: 2 directors

Two Directors at Telia Company AB bought 36,000 shares at between 35.430SEK and 35.750SEK. The significance rating of the trade was 52/100. 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 over t...

Good Q1, but heading for deceleration

Telia (Neutral, TP: SEK 37, +5%) Q1 25: Impressive EBITDA acceleratio...

Telia has reported a good set of results, with SR, EBITDA, capex and all-in FCF all better than consensus expectations. The company sounded a note of caution on the call that Q1 Group trends were better than we should expect for the full year; having EBITDA and FCF in the bag already is a good thing, but full year guidance has been reiterated not raised.

Small adj. EBITDA beat, unchanged guidance

CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn

CMB.TECH and Golden Ocean have signed a term sheet for a contemplated stock-for-stock merger at an exchange ratio of 0.95 CMB.TECH shares for each outstanding Golden Ocean share. Completion is scheduled for Q3, and the companies are scheduled to host CMDs on 24 and 29 April to provide further information. As DNB Markets is acting as financial advisor to Golden Ocean, we have withdrawn our recommendation and target price.

Morning Notes : AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, ...

: AKZA NA, BESI NA, CRBN NA, CMBT BB, FLOW NA, RAND NA, VPK NA, TKWY NA

CMB.Tech Merger proposal with Golden Ocean

CMB.Tech and Golden Ocean announced they have signed a term sheet for a contemplated stock-for-stock merger, with CMB.Tech as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.Tech for each share of Golden Ocean, subject to customary adjustments. The merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels. Early March CMB.Tech acquired an initial stake of 40.8% in Golden Ocean which it increased to ...

Heads-up for report 24 April

Another abrupt change

The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...

Nordic Semiconductor (Buy, TP: NOK174.00) - Near-term momentum likely ...

While the effects of trade tensions and tariff upheaval remain uncertain, our discussions with industry sources suggest strong, improving order momentum in Q1. Moreover, we expect the recently announced 90-day tariff pause to drive pull-forward of US imports. This has led us to shift our estimates from H2 towards H1. Beyond tariff-induced pull-ins, Dexcom channel replenishment dynamics remain one company-specific source of uncertainty to watch, while we estimate a limited effect. We remain sligh...