Epiroc (Buy, TP: SEK245.00) - Drilling down into attachments

We see synergies from recent acquisitions and cost-cutting measures laying the foundations for a recovery in cyclically depressed attachments earnings, and gradual improvements from Q2e providing a share-price catalyst given tangible investor concerns about the margin issues. We have tweaked our 2024–2026e group adj. EBIT, leaving us c4% above consensus for 2025e, when expect earnings growth to accelerate back to double digits. We reiterate our BUY and have raised our target price to SEK245 (230...

Clear beneficiary of e-commerce recovery

Q2 report due 18 July. We forecast SEK 883m net sales, SEK 25m EBIT. We reiterate BUY, raise TP to SEK 170 (160).

Nordic banks: Estimates up and value support

We increase our earnings estimates slightly into the Q2 numbers, partly due to a revised central bank scenario. We stay positive on the sector, with three BUY ratings out of six.

Still at a discount to the sector

Minor earnings revisions for 2024e-25e. Strong value support and upside in capital repatriation. We keep our BUY rating.

Higher income estimates & lower loan losses

Net earnings estimates up for 2024-26. Strong value support. We stick to our BUY rating.

E-commerce traffic – May 2024

We have evaluated Similarweb data for May. Aggregated traffic to e-commerce sites up 1% y-o-y. We see signs that RVRC's 20/20 strategy is bearing fruit.

How to navigate the NII downturn

Swedish Banks (, ) - Braced for NII downturn (71 pages)

Carlsberg AS: 1 director

A director at Carlsberg AS sold 18,301 shares at 952.210DKK and the significance rating of the trade was 100/100. 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 ...

Initiating with a BUY, office-space reduction, and personnel changes

This week, we initiated coverage with a BUY on Public Property Invest, a key tenant for Fabege reduced its office space, Hufvudstaden made management changes, we updated our estimates for Besqab following the merger with Aros Bostad, and transaction volumes in May rose from low levels. The weighted-average implied EBITDA yields on the stocks we cover are 4.38% for 2024e and 4.78% for 2025e.

Renewable Weekly – 6 June 2024

On aggregate, the R&C stocks outperperformed the MSCI Nordic by ~1% throughout the reporting season (16 Apr to 6 Jun).

Nordic banks – statistical update – Swedish bankruptcies May 2024

The total number of bankruptcies was up 9% y-o-y and down 8% m-o-m in May 2024. Corporate bankruptcies were up 12% y-o-y and down 9% m-o-m in May 2024.

A bit of everything

This week, Wihlborgs bought new assets, Citycon sought the conversion of its 2025 hybrid bond, SBB announced a new JV, dismantled an old one, and set a record date for the remaining 2023 dividends, Balder issued four bonds, while Prisma Properties is aiming for an IPO. The weighted-average implied EBITDA yields on the stocks we cover are 4.42% for 2024e and 4.82% for 2025e.

Leading indicators

OECD: The indicator points up from a low level. US: The indicator points up (housing starts, monetary policy, interest rates, real FX). EU: The indicator points up from a low level (bond yields, stock market). Japan: The indicator is neutral (monetary policy, housing starts).

Nordic banks – Statistical update - Danish lending April 2024

Total lending in April was up 2.9% y-o-y (corporate +4.7%; retail +1.8%) and decreased slightly (0.3%) m-o-m.

Nordic banks – Statistical update - Finnish lending April 2024

Total lending was flat (0.0%) y-o-y and down 0.3% m-o-m. Last month, total lending was up 0.4% y-o-y.

Schibsted ASA: 1 director

A director at Schibsted ASA bought 5,400 shares at 292.600NOK and the significance rating of the trade was 76/100. 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...

Fresh paper cuts - newsprint benefits

Nordic banks – Statistical update - Swedish lending April 2024

Total lending was flat (-0.1%) y-o-y (corporate lending -1.4% and retail lending 0.6%) and increased 0.1% m-o-m.

Nel (Sell, TP: NOK3.50) - Unwarranted share price gain

Nel’s share price is up 83% over the past month and its EV is up 145%. It is trading at a 2025e EV/sales of 3.2x on our estimates (4.0x on consensus), significantly above closest peers Nucera of 0.6x and Plug Power at 2.1x. Due to its multiples expansion, peer multiples now suggest c30–60% downside to Nel’s current share price. We believe the fuelling spin-off, Reliance agreement and EU mobility hydrogen news have increased investor focus on Nel and created near-term excitement, but struggle to ...

Game on

Higher prices and cost cuts to accelerate growth. Doubling of NMP EBITDA in 3 years, 27% CAGR. +8% and 18% vs . cons . in '25/26. BUY, TP NOK 440 (350).