reports
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook
While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Investor bought shares in EQT for the first time since its 2019 IPO; 2) ahead of Kinnevik’s 12 May AGM, we highlight the return of Cristina Stenbeck as chair and the potential for share buybacks at a 40% discount to NAV; and 3) Lundbergs bought shares in its existing holdings for SEK512m.
- ABGSC Shipping & Transport Research
- Henrik Bartnes
- Petter Nystrøm
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- ABGSC Shipping & Transport Research
- Henrik Bartnes
- Petter Nystrøm
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics
We consider this a slightly positive report for Norwegian Air Shuttle, including figures more or less in line with expectations, with a marginally lower yield offset by a higher load, and positive outlook comments with regard to summer bookings. We expect only minor changes to consensus 2025e adj. EBITDA, and believe a neutral to slightly positive share price reaction is warranted.
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK17.00) - April traffic statistics p...
April’s traffic statistics are due at 08:00 CET on 7 May. We are positive ahead of the report, expecting a strong yield recovery supported by Easter timing effects and easing capacity growth. We reiterate our BUY and have raised our target price to NOK17 (15) on positive estimate changes on our revised fuel and USDNOK assumptions.
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- 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
- Simen Mortensen
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.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we lowered our target price for Latour to SEK300 (340) following a Q1 report with a slight NAV decline but strong organic order intake growth; 2) Investor bought 6.3m Ericsson shares, and we highlight its successful top-ups in the name; 3) insider purchases at Investor are in our view a signal to look beyond a relatively small discount to NAV; and 4) Flat Capital reported Q1 NAV down 1% QOQ.
Scandi Standard AB: 2 directors
Two Directors at Scandi Standard AB bought 8,000 shares at between 87.880SEK and 88.470SEK. The significance rating of the trade was 55/100. 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 ...
- ABGSC Food & Beverage Research
- Martin Kaland
- Simon Brun
- ABGSC Food & Beverage Research
- Martin Kaland
- Simon Brun
- Alexander Aukner
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- 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
- Simen Mortensen
Signs of sector recovery, and more Q1 results
The markets were much quieter following the Easter break, with limited news; however, the names we cover saw their shares up 2.6% on average, with Atrium Ljungberg (7.1%), SBB (7.1%) and Pandox (4.8%) the top performers. JM released its Q1 results and we reiterated our BUY, believing it has passed the earnings trough, while we reiterated our HOLDs on Corem and Fabege following their quarterly reports. The weighted-average implied EBITDA yields on the stocks we cover are 5.04% for 2025e and 5.34%...
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
KMCP KMC PROPERTIES
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding ...
- Alexander Aukner
SalMar (Buy, TP: NOK650.00) - Minor model adjustments
We have updated our estimates for the volumes in the recent Q1 trading update and a back-end-loaded harvest profile in the quarter, with a higher share of downgrades. We expect operating EBIT of NOK997m for the quarter, c16% below consensus of NOK1,188m. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK650 target price. The full Q1 report is due at 06:30 CET on 20 May.
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