Q1 is low season for NCC, but we believe the EBIT miss versus Infront consensus was likely due to some consensus participants overlooking the early Easter effect. With the Q1 results broadly in line with our estimates, we have made only minor forecast changes, and reiterate our BUY and SEK150 target price.
Mowi ASA (OSE:MOWI): Presentation of Q1 2024 results 8 May 2024 at 08:00 (CET) Mowi ASA hereby invites you to the presentation of the results for the first quarter 2024 at Høyres Hus, Stortingsgata 20, 0117 Oslo, Norway. The results will be presented in English through a live webcast followed by a Q&A session. Participants will have the opportunity to submit questions online throughout the webcast session. The webcast will be available on A recording of the webcast will be made available on our website immediately afterwards. Please note that the quarterly report and presentation will b...
Are the Lows "In" for this Pullback? While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback. Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&P 500 due to a multitude of reasons (SPX had simply filled 2/22/24 gap support that we had been discussing since late-February, Russell 2000 and Equal-Weighted S&P 500 were holding above key supports, short-term oversold conditions, subdued ...
Mowi ASA – Successful placement of new senior unsecured green bonds Bergen, 25 April 2024 – Reference is made to the stock exchange notice from 22 April 2024. Today, Mowi ASA (rated BBB+/Stable by Nordic Credit Rating) has successfully issued a total of NOK 3,500 million (EUR 298 million) of new senior unsecured green bonds split between two tranches. NOK 2,500 million (EUR 213 million) has been issued with a tenor of 5 years and a coupon of 3-month Nibor + 1.13% margin p.a., and NOK 1,000 million (EUR 85 million) has been issued with a tenor of 8 years and a fixed coupon of 3-month Nibor +...
Q1 EBITDA was c2% below consensus, with a somewhat soft mix, as Extrusions and Aluminium Metal, the two largest segments, were below forecasts. We have increased our 2024e EPS by 7% on the USD2,600/t spot aluminium price, and 2025–2026e by 2% on the Q1 results. We are 30% below consensus 2025e EBITDA; we do not see enough demand to raise aluminium prices above the marginal producer’s cost, as the price appreciation in recent weeks suggests. We still expect aluminium prices to decline with lower ...
Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor Meetings Bergen, 22 April 2024 – Reference is made to the stock exchange notice published 26 March 2024 where Mowi announced the assignment of a BBB+ investment grade rating with stable outlook from Nordic Credit Rating. Mowi has mandated Danske Bank (Green Bond Advisor), DNB Markets, Nordea and SEB as Global Coordinators and Joint Lead Managers, and ABN AMRO, Crédit Agricole Corporate and Investment Bank and Rabobank as Joint Lead Managers to arrange a series of physical and virtual fixed income investor meetings commenc...
Mowi reported Q1 operating EBIT of EUR201m, versus our estimate of EUR234m and consensus of EUR230m, which had been lowered from ~EUR270m a few months ago. Profit warnings from peers and available market data suggested fish downgrades in Norway would be an issue, but were actually more than we expected. However, the worst seems over, and while we have cut our Q1–Q2e earnings from Norway, and 2024e EPS by 3.3%, we reiterate our BUY and NOK235 target price.
Mowi ASA (OSE:MOWI): Q1 2024 Trading update Harvest volumes Q1 2024 (1) Farming Norway55.0 thousand tonnesFarming Scotland14.5 thousand tonnesFarming Chile12.5 thousand tonnesFarming Canada8.5 thousand tonnesFarming Ireland1.0 thousand tonnesFarming Faroes2.5 thousand tonnesFarming Iceland (Arctic Fish)2.5 thousand tonnesTotal96.5 thousand tonnes Note:(1) The harvest volumes are provided in gutted weight equivalents (GWE). Additional information Operational EBIT for the Group was approximately EUR 201 million in Q1 2024. Blended farming cost was EUR 6.05 per kg in the quarter. Issues w...
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 a harsh Nordic winter and Easter falling in Q1, we expect a larger seasonal loss than consensus (results due at c07:00 CET on 3 May). We expect NCC to record one commercial property divestment of SEK530m, but due the level of announced orders, we have reduced our 2024–2026e revenue and EPS and expect Q1 order intake below Infront consensus. We reiterate our BUY and NOK150 target price.
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.
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