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

Ambea AB: 1 director

A director at Ambea AB sold 100,000 shares at 112.403SEK and the significance rating of the trade was 78/100. 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 show...

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

Q1 EBITDA in line, miss on DPS and soft Q2 guidance

More Q1 results and a proposed delisting

The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.

Klaveness Combination Carriers (Buy, TP: NOK112.00) - Set for tanker t...

In our view, KCC’s business model is looking increasingly attractive amid macroeconomic uncertainty and more stringent fuel regulations. Furthermore, it maintains exposure to what we consider favourable tanker markets with potential positive catalysts (e.g. successful enforcement of sanctions and increasing OPEC+ volumes), while the market concerns about potential reversals of initially positive disruptions seem overdone. We reiterate our BUY, but have cut our target price to NOK112 (125).

Increased political risk

Finland lags behind