Efficiency measures are taking effect

Highly potent, but not cheap

Solid start, political shadows

H2'25 should prove more positive

Solid end to '24/'25, with operational optimism

Ambea AB: 1 director

A director at Ambea AB bought 75,000 shares at 126.000SEK 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 sh...

Solid Q3 guidance, fundamentals remain intact

Q3 guidance implies 24% upside to cons EBITDA

Consensus looks too low for Q2

Eyes on the second half of '25

Finland is weak but PA continues to improve

Easter turns from tailwind to headwind

Politics puts us on the sidelines

ABGSC Shipping Daily 9 July

Continues its international expansion

Klaveness Combination Carriers (Buy, TP: NOK109.00) - Business case st...

We consider the weaker-than-expected Q2 guidance a ‘bump in the road’, and expect trading performance to improve into H2. We thus see limited changes to the long-term investment case. Further, the company remains mostly spot-exposed on its tanker capacity, which we find supportive given our constructive outlook on the segment with plenty of potential catalysts. Hence, we reiterate our BUY, but have lowered our target price to NOK109 (112).

SpareBank 1 Østlandet (Hold, TP: NOK168.00) - Improving asset quality

Supported by continued lending growth, low loan losses and good fee income growth, the Q1 ROE was 14.1%, despite somewhat elevated costs and slightly weaker NII. The capital position remains strong, with an end-Q1 CET1 ratio of 17.1% that should be further supported by upcoming regulatory changes. We have lowered our 2026–2027e EPS by ~1–2%, but reiterate our HOLD and NOK168 target price.

Scatec (Buy, TP: NOK95.00) - Progressing as planned

We consider Scatec’s Q1 report a solid status report, showing that the equity story is evolving as planned with: 1) asset sales reducing net debt on a corporate level; and 2) significant scale on growth through 2027e, with ~NOK16bn in remaining EPC revenues to be recognised from projects under construction and in the company’s backlog. The stock is trading at around our core NAV, suggesting that investors are currently getting unannounced growth at no cost. We reiterate our BUY and have raised o...

Lower for Q2'25e, but attractive at 0.63x P/NAV

Meets expectations in Q3