Novo Nordisk AS: 1 director

A director at Novo Nordisk AS sold 6,311,250 shares at 860.020DKK and 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 over the last two years cle...

3% organic is weak, but underlying is fine

Q1: '24 low point, meagre 3% growth pushes market share lower. Demant doing well overall beyond the 3% figure. HOLD, TP 340 (350) on 3% underlying '24e EBIT cut.

Demant (Buy, TP: DKK400.00) - Better quarters should lie ahead

Q1 organic growth was a soft c3% YOY on tough comparables, reflecting growth of c4% for Hearing Aids and c7% for Diagnostics, but a weak c0% for Hearing Care due to slowing momentum in France. We expect 2024 to be back-end loaded and driven by Oticon Intent. The 2024 guidance was unchanged for key lines, including organic growth of 4–8%, EBIT of DKK4.6bn–5.0bn, and share buybacks of DKK2.0bn+. We reiterate our BUY and DKK400 target price.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2024

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Demant A/S : Slower start to 2024, weaker dynamics in France, UK and C...

>Q1 review – slower organic growth leads to miss on sales forecast - Demant’s Q1 revenues of DKK 5,423m (-1.5% y-o-y,) were driven by organic growth of 3% (vs ODDO BHF 6.2%/consensus 4.7%) and were -3%-2% vs ODDO BHF/consensus. The Communication business is excluded from the operating development as the asset is booked as discontinued operation. No bottom line was reported on a quarterly basis.Hearing aids impacted by flat growth in Europe - Hearing a...

Q1 not great, but relief looks warranted

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 3 May 2024.

Q1 reporting continues

This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.

Orsted AS: 1 director

A director at Orsted AS bought 1,260 shares at 396.140DKK 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 sho...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/03/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/05/2024

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Ørsted : An uninspiring publication but offshore reassures

>Good Q1 results on offshore but not so good on the rest - Yesterday, Ørsted published Q1 2024 EBITDA of DKK 7,488m (+8 %) vs DKK 7,700m estimated (ODDO BHF and the consensus). EBIT was DKK 5,065m (+13 %) vs DKK 5,200m (ODDO BHF) and DKK 5,400m (consensus). Adjusted net profit fell below expectations at DKK 2,609m (-19%) vs an average estimate of DKK 3,400m (ODDO BHF and the consensus). The poor performance at the net profit level was due the booking of a tax liabilit...

Ørsted : Une publication sans éclat mais l’offshore rassure

>Des résultats T1 bons sur l’offshore moins bon sur le reste - Ørsted a publié hier son EBITDA du T1 2024 de 7 488 M DKK (+8 %) contre 7 700 MDKK attendus (ODDO BHF et consensus). L'EBIT était de 5 065 MDKK (+13 %) contre 5 200 MDKK (ODDO BHF) et 5 400 MDKK (consensus). Le résultat net ajusté est inférieur aux prévisions à 2 609 MDKK (-19%) contre une estimation moyenne de 3 400 MDKK (ODDO BHF et consensus). La contre-performance au niveau du résultat net s'explique p...

Numbers spot on

Q1: largely in line report, no big surprises. Small estimate changes. P/NAV ~1.07x, but ~35% upside if mgmt. delivers on 2026 targets.

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.

Ørsted : Good performance in offshore encouraging

>Results a shade below forecasts but a positive performance in offshore - EBITDA Q1 2024 was DKK 7,488m (+8%) vs DKK 7,700m estimated (ODDO BHF and consensus) and EBIT was DKK 5,065m (+13%) vs DKK 5,200m (ODDO BHF) and DKK 5,400m (consensus). Adjusted net income was below forecasts at DKK 2,609m (-19%) vs ODDO BHF and the consensus at DKK c.3,400m. The reason for the difference in net income was due to the recognition of a deferred tax liability related to an initial...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024

We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...