reports
Novo Nordisk AS: 1 director
A director at Novo Nordisk AS sold 55,000 shares at 902.625DKK and the significance rating of the trade was 81/100. 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 years clearl...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Small guidance raise
Q1 LCY figures beat consensus due to US rebate adjustments related to 2023 adding c5%-points to LCY growth and low SG&A cost boosting EBIT growth in Q1. Wegovy sales were below consensus but above our forecast, and we have therefore adjusted our rebate assumptions for 2024. The 2024 guidance was raised to LCY sales growth of 19–27% (18–26%) and LCY operating profit growth of 22–30% (21–29%). We reiterate our BUY and DKK1,100 target price.
- Jørgen Lian
Yard response and dry bulk qualms
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.
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Company consensus added
We are slightly below consensus on Q1e LCY sales growth (we forecast 19.4%, consensus 21.4%) and LCY operating profit growth (we forecast 16.8%, consensus 19.5%), due to lower expected Wegovy sales. However, we believe the Ozempic US prescription trend will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
DNB Bank ASA: 1 director
A director at DNB Bank ASA bought 6,000 shares at 205.710NOK and the significance rating of the trade was 57/100. 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 years clearly ...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Ozempic to drive raised guidance
We are slightly below consensus on Q1 LCY sales growth (we forecast 19.4%, consensus 20.1%) and LCY operating profit growth (we forecast 16.8%, consensus 17.3%), due to lower expected Wegovy sales. However, we believe the trend in Ozempic US prescriptions will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.
- Jørgen Lian
A brewing challenge for the yards
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...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1100.00) - Raising the bar with amycretin
At its CMD, the company maintained its strategic aspirations for 2025. It also expects increasing operating profit margins in the coming years. A key focus was the phase I trial results for amycretin in obesity, showing 13.1% weight loss (no signs of plateau). While not confirmed, we still expect it to go directly to phase III development. We reiterate our BUY and have increased our target price to DKK1,100 (1,000) on higher pipeline valuation.
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1000.00) - Catalent: game changer
We believe the move by Novo Holding to acquire Catalent and re-sell the three fill-finish facilities to Novo Nordisk is inspired, and underpins the strength of having the foundation as a major shareholder. With the acquisition, the obesity opportunity moves from supply to demand-driven, while at the same time making scale a significant competitive advantage. We have upgraded to BUY (HOLD) and raised our target price to DKK1,000 (800).
- Jørgen Lian
Flex LNG (Buy, TP: NOK340.00) - Bankable dividend stream
Due to its sizeable backlog, we find Flex LNG well positioned to maintain a healthy USD0.75 quarterly DPS despite a challenging outlook for LNGC spot markets. In fact, we believe the long-term freight market, reflective of elevated and sticky newbuild prices, should stay above its current backlog and provide a backstop with potential upside to favourable extension options and new contracts. Thus, we believe yesterday’s share price drop was unwarranted and have upgraded to BUY (HOLD) and raised o...
- Jørgen Lian
Flex LNG (Hold, TP: NOK331.00) - Stable earnings backlog
Flex LNG’s solid contract backlog with only one vessel open from Q2 2024 and all other vessels on contracts until at least Q1 2027 (assuming options are exercised) should support its quarterly USD0.75 DPS for a c10% (12% excluding excess cash) run-rate dividend yield, and mitigate the risk to a possibly weak freight market due to hefty vessel deliveries and modest export growth near-term. However, we expect c22% global export growth in 2026–2027e to alleviate supply headwinds, which fits well wi...
- Rune Majlund Dahl
Novo Nordisk (Hold, TP: DKK800.00) - Solid wide guidance
The wide 2024 guidance for local currency (LCY) growth of 18–26% for sales and 21–29% for operating profit reflects the uncertainty over supply and demand for Ozempic and Wegovy. Yet the sharp capex increase highlights confidence in the long-term growth outlook. We reiterate our HOLD but have raised our target price to DKK800 (750) on a solid Q4 result and outlook.
- MarketLine Department
Svenska Handelsbanken AB - Mergers & Acquisitions (M&A), Partnerships ...
Summary Marketline's Svenska Handelsbanken AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Svenska Handelsbanken AB - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances...
- Rune Majlund Dahl
Novo Nordisk (Hold, TP: DKK750.00) - Company consensus added
We forecast Q4 LCY sales growth of 36.4% YOY (consensus 37.0%) and LCY operating profit growth of 61.7% (consensus 58.5%). For Q4 Ozempic and Wegovy sales, we are well below consensus, with our calculations indicating consensus has included inventory build-up well above our forecasts. We expect 2024 guidance for 18–24% LCY sales growth and 22–28% LCY operating profit growth. We reiterate our HOLD and DKK750 target price.
Flex LNG - Flex Resolute Time Charter extended by two years from 2025 ...
Flex LNG - Flex Resolute Time Charter extended by two years from 2025 to 2027 Hamilton, Bermuda.January 18, 2024 Flex LNG Ltd. («Flex LNG» or «Company») (NYSE/OSE: FLNG) has received notice that the charterer of Flex Resolute, a super major, has exercised its first extension option. Flex Resolute was fixed on a three-year Time Charter on November 1, 2021, with commencement of the Time Charter in January 2022. Under the Time Charter, the charterer had options to extend the period by up to four additional years in two-year periods. Following this option declaration, Flex Resolute is on a f...
- Rune Majlund Dahl
Novo Nordisk (Hold, TP: DKK750.00) - Likely below 2023 mid-point targe...
Based on US scripts, we believe LCY sales growth slowed in Q4 and forecast 2023 below the guidance mid-point of 33.9% YOY. Benefiting from product mix, we estimate 2023 LCY operating profit growth at the guidance mid-point. We expect 2024 guidance for 18–24% LCY sales growth and 22–28% LCY operating profit growth. We reiterate our HOLD and DKK750 target price.
Flex LNG - Redelivery of Flex Constellation in 2024
Flex LNG - Redelivery of Flex Constellation in 2024 Hamilton, BermudaJanuary 8, 2024 Flex LNG Ltd. («Flex LNG» or «Company») (NYSE/OSE: FLNG) has received notice that the charterer of Flex Constellation, a trading house, has decided not to utilize its extension option. Flex Constellation was fixed on a three-year Time Charter on May 17, 2021, where the charterer had the option to extend the period by up to three years. Hence, Flex LNG expect to take redelivery of the ship during the second quarter of 2024. Øystein Kalleklev, CEO of Flex LNG Management AS, commented:“We note that we will h...
Flex LNG - Mandatory notification of trade by PDMR
Flex LNG - Mandatory notification of trade by PDMR Hamilton, Bermuda December 7, 2023 Flex LNG Ltd. (the "Company") has received trade notifications from the following persons discharging managerial responsibilities ("PDMRs"): Susan Sakmar, Director, has on December 6, 2023 purchased aggregate 5,000 shares on New York Stock Exchange for an average price of USD 28.50 per share. Following the purchase, Mrs. Sakmar owns 10,000 shares in the Company. This notification has been publicly disclosed in accordance with Article 19 of the Market Abuse Regulation section 5-12 of the Norwegian Secur...
- Rune Majlund Dahl
Novo Nordisk (Hold, TP: DKK750.00) - Higher US Wegovy rebate for 2024e
Data from the North Carolina Health Plan indicates a c9%-point higher US Wegovy rebate YOY for 2024. Thus, we have raised our 2024e US Wegovy rebate assumption from 50% to 53.6% and forecast global Wegovy sales of DKK57,955m (down c7% on unchanged prescription assumptions). We expect continued strong Ozempic momentum for 2024 and reported sales growth of c26% YOY. We reiterate our HOLD and DKK750 target price.
Flex LNG - Ex Date Q3 2023
Flex LNG - Ex Date Q3 2023 November 27, 2023Hamilton, Bermuda The shares in Flex LNG Ltd. (Ticker: FLNG) will be traded ex dividend of USD 0.875 per share for the third quarter of 2023 as of today, November 27, 2023. The dividend will be paid on or about December 5, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered with Euronext VPS will be distributed on or about December 8, 2023. About Flex LNGFlex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and...
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