reports
- Rune Majlund Dahl
Zealand Pharma (Buy, TP: DKK1000.00) - Focus on pipeline progression
We expect an uneventful Q1 report, with investor focus on top-line results from the dapiglutide phase Ib obesity trial (due in Q2), which could help provide clarity on the positioning of the molecule in obesity and inflammation. For petrelintide, we have reduced our peak sales forecast to cUSD10.0bn (cUSD10.8bn) on increased competition from GUBamy. We reiterate our BUY but have cut our target price to DKK1,000 (1,150).
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- Jesper Ingildsen
Pandora (Buy, TP: DKK1400.00) - Still shining, but potential pressure
We expect Pandora to report a solid start to the year, with 6.4% LFL growth (consensus 5.6%) in Q1e, but believe focus is more likely to be on the implications (direct and indirect) of tariffs and higher silver prices. However, we believe these concerns are more than priced in after recent share-price weakness. We reiterate our BUY, but have lowered our target price to DKK1,400 (1,550).
Golar LNG Limited – Q1 2025 results presentation
Golar LNG Limited – Q1 2025 results presentation Golar LNG's 1st Quarter 2025 results will be released before the NASDAQ opens on Wednesday, May 21, 2025. In connection with this, a webcast presentation will be held at 1:00 P.M (London Time) on Wednesday May 21, 2025. The presentation will be available to download from the Investor Relations section at We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access t...
- Jørgen Lian
Wallenius Wilhelmsen ASA (Buy, TP: NOK91.00) - Solid value in troublin...
Challenging times for the car carriers is reflected in depressed equity valuations. We believe a considerable backlog to derisk the investment over time, and potential upside on any respite in peaking trade tensions, make for an attractive investment case. We reiterate our BUY, but have cut our target price to NOK91 (115).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Golar LNG (Buy, TP: USD48.00) - Upside potential building
We believe focus for investors will be the potential contracts in Argentina rather than the Q1 report. Recent developments look to have left Golar LNG in pole position for two FLNGs for ~6mtpa Argentine LNG exports, and we would expect more visibility once the FID for Hilli is in place in Q2e. Moreover, we believe the project pipeline could allow for further announcements in due course as the company maintains an option for FLNG #4 at the shipyard. Hence, we find the risk/reward has improved des...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
FLNG Gimi completes first LNG offload
FLNG Gimi completes first LNG offload Golar LNG Limited (“Golar”) is pleased to announce that FLNG Gimi completed the offload of its first full LNG cargo to the LNG carrier British Sponsor. This introduces Mauritania and Senegal to the international gas market and triggers the final pre-Commercial Operations Date milestone bonus payment to Golar under the terms of the commercial reset agreed in August 2024. Commissioning remains on track for a Q2 2025 Commercial Operations Date (“COD”). COD triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK900.00) - Subdued prescription growth in Q1
We have updated our model with the latest IQVIA data, and see downside risk to Visible Alpha consensus. We see Q1e global sales for Wegovy of DKK17,898m (c2.2% below consensus) and Ozempic of DKK31,642m (c1.5% below consensus). While a reaffirmation of guidance could offer relief, we have lowered our target price, primarily on lower-than-expected GLP-1 sales. We reiterate our BUY but have cut our target price to DKK900 (1,040).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
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