reports
- Emil Jonsson
Norion Bank (Buy, TP: SEK52.00) - (Buy)back in business
The Q4 report was solid, featuring low credit losses and the start of share buybacks. We continue to see upside potential from our expected c20% annual total yield, along with reductions in past-due loans. We reiterate our BUY and have raised our target price to SEK52 (50).
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Chemicals Research
- Bengt Jonassen
- Martin Melbye
Borregaard ASA: Shares for employees 2025
Borregaard ASA: Shares for employees 2025 3 February 2025: Borregaard ASA (“Borregaard”, OSE ticker: BRG) Borregaard employees have been given the opportunity to buy shares at a discounted price. The offer is valid from 3 February up to and including 7 February 2025. The price per share will be equal to the average volume weighted market price on 7 February 2025, with a 25% discount. Under the programme, employees may buy shares for a total amount of either NOK 5 000, NOK 15 000, NOK 25 000, NOK 40 000, NOK 55 000, or NOK 74 000. Contact:Lotte Kvinlaug, Investor Relations Officer, ...
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
Reminder: Program for the publication of Yara International ASA fourth...
Reminder: Program for the publication of Yara International ASA fourth quarter results 2024 Yara International ASA fourth quarter 2024 results will be published on Friday, 7 February 2025 at 08:00 CET. You can follow the fourth-quarter results presentation online at 12:00 CET. The presentation will be held in English. The report, presentation and webcast will be available at the above mentioned times at There will also be a conference call at 13:00 CET the same day with an opportunity to ask questions to Yara’s management. Please use the link to register for this session: Register...
- Alexander Aukner
Foot off the gas
Improving farming KPIs and recovering demand have raised share prices over the past six months, but we now see a more neutral risk/reward. While we view the valuations as generally attractive, consensus EPS growth is 35–76% for 2025 and 9–28% for 2026 on moderately increasing salmon spot prices. We find the most valuation support in Lerøy Seafood’s ‘self-help’ story and Salmon Evolution as a re-rating case. We now take a more neutral sector stance.
- Emil Jonsson
Norion Bank (Buy, TP: SEK50.00) - Funding uncertainty
We see low probability of dividend payments for 2024 due to increased risk after Avanza’s announced shutdown of its external deposits. This looks reflected in consensus though. We still see mid-term upside potential on the stock as stage 3 loans normalise. We reiterate our BUY but have reduced our target price to SEK50 (52).
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Douglas Lindahl
Trelleborg (Hold, TP: SEK435.00) - Continuing to raise the margin bar
A solid Q4 included adj. EBITA c6% above consensus and our estimate. We are now more positive on short-term organic growth prospects and margins in Industrial Solutions and Medical Solutions. We have raised our 2025–2026e adj. EBITA by c3% on average, and our target price to SEK435 (425); however, with the stock looking fairly valued, we reiterate our HOLD.
- Niclas Gehin
Borregaard (Buy, TP: NOK240.00) - Price increases and FX tailwinds
Q4 EBITDA was NOK398m, beating our estimate by 12% and consensus by 10%, largely driven by a strong quarter for BioSolutions. While Fine Chemicals is set to face pricing headwinds due to increased supply from Eastern Europe, we believe these challenges should be more than offset by incoming FX tailwinds and pricing adjustments in BioMaterials. We have raised our 2025–2026e EPS by 4%. We reiterate our BUY and have increased our target price to NOK240 (230).
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
Borregaard ASA: The Board of Directors’ dividend proposal to Borregaar...
Borregaard ASA: The Board of Directors’ dividend proposal to Borregaard’s Annual General Meeting 29 January 2025: Borregaard ASA (“Borregaard”, OSE ticker: BRG) At a meeting on 28 January 2025 the Board of Directors of Borregaard ASA decided to propose an ordinary dividend for 2024 of NOK 4.25 per share to the Annual General Meeting. Dividend payment is estimated at NOK 423 million. The exact amount will depend on the number of treasury shares held at the date of the Annual General Meeting. No dividend will be paid on treasury shares held by the Borregaard Group. Provided that the traded ...
Borregaard ASA: Key information related to the cash dividend
Borregaard ASA: Key information related to the cash dividend 29 January 2025: Borregaard ASA («Borregaard», OSE ticker: BRG) At a meeting on 28 January 2025, the Board of Directors of Borregaard ASA decided to propose to the Annual General Meeting an ordinary dividend for 2024 of NOK 4.25 per share. Dividend amount: 4.25 per shareDeclared currency: NOKLast day including right: 10 April 2025Ex-date: 11 April 2025Record date: 14 April 2025Payment date: 23 April 2025Date of approval: 10 April 2025 Borregaard ASASarpsborg, 29 January 2025 Contact:Lotte Kvinlaug, Investor Relations Officer, ...
Borregaard ASA: EBITDA1 of NOK 398 million in the 4th quarter
Borregaard ASA: EBITDA1 of NOK 398 million in the 4th quarter Borregaard’s operating revenues were NOK 1,744 million (NOK 1,605 million)2 in the 4th quarter of 2024. EBITDA1 reached NOK 398 million (NOK 327 million). The result in BioSolutions increased compared with the 4th quarter of 2023. BioMaterials remained at the same level, while there was a decrease in Fine Chemicals.Increased sales were the main reason for the strong result in BioSolutions. For BioMaterials, higher sales volume and an improved product mix of speciality cellulose were offset by increased wood costs. Lower deliverie...
- Joachim Gunell
HMS Networks (Buy, TP: SEK630.00) - US cheer eases balance sheet fear
The Q4 results provided a strong start to our 2025e earnings momentum case: 1) 23% order beat to Visible Alpha consensus, as organic orders grew YOY for the first time in 10 quarters; 2) the disputed Red Lion acquisition shows promise for US growth; 3) margin resilience demonstrated its quality characteristics; and 4) cash flows were strong, and accelerated actions to de-risk the balance sheet. We gain more confidence in our 2025 forecast for 93% adj. EPS growth YOY. We have raised our 2025e EBI...
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
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