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ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Lowering its sights

Taking down its ambitions with new targets although we appreciate the lowered pay-out ratio. Higher probability of a DPS already for 2024.

 PRESS RELEASE

Nokia Corporation: Repurchase of own shares on 02.05.2024

Nokia Corporation: Repurchase of own shares on 02.05.2024 Nokia CorporationStock Exchange Release02 May 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 02.05.2024 Espoo, Finland – On 02 May 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL401,8253.45CEUX--BATE--AQEU--TQEX--Total401,8253.45 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to...

Steffen Evjen
  • Steffen Evjen

Aker BP (Buy, TP: NOK290.00) - Capex concerns looming

While investor concerns appear tilted towards a near-term production decline, we are increasingly concerned that consensus FCF will face meaningful negative revisions, as capex assumptions beyond 2026 look far too low. For 2027–2030, our FCF estimates are ~40% below consensus. We reiterate our BUY, but have cut our target price to NOK290 (325) on a lower fair P/NAV.

Steffen Evjen
  • Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

 PRESS RELEASE

Nokia Oyj: Omien osakkeiden takaisinosto 30.04.2024

Nokia Oyj: Omien osakkeiden takaisinosto 30.04.2024 Nokia OyjPörssitiedote30.04.2024 klo 22.30 Nokia Oyj: Omien osakkeiden takaisinosto 30.04.2024 Espoo – Nokia Oyj (LEI: 549300A0JPRWG1KI7U06) on 30.04.2024 hankkinut omia osakkeitaan (ISIN FI0009000681) omistukseensa seuraavasti: Markkinapaikka (MIC Code)Osakkeiden lukumääräPainotettu keskihinta osakkeelta, euroa*XHEL398 8343,42CEUX--BATE--AQEU--TQEX--Yhteensä398 8343,42 * Kahden desimaalin tarkkuuteen pyöristettynä Nokia ilmoitti 25. tammikuuta 2024, että yhtiön hallitus on käynnistämässä osakkeidensa takaisinosto-ohjelman palauttaaksee...

 PRESS RELEASE

Nokia Corporation: Repurchase of own shares on 30.04.2024

Nokia Corporation: Repurchase of own shares on 30.04.2024 Nokia CorporationStock Exchange Release30 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 30.04.2024 Espoo, Finland – On 30 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL398,8343.42CEUX--BATE--AQEU--TQEX--Total398,8343.42 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return u...

 PRESS RELEASE

Notifiable trading – Equinor ASA

Notifiable trading – Equinor ASA A close associate to a primary insider in Equinor ASA (OSE: EQNR, NYSE: EQNR) has sold shares in Equinor ASA. Alf Torstensen, close associate to executive vice president Siv Helen Rygh Torstensen, has on 30 April 2024 sold 350 shares in Equinor ASA at a price of NOK 300.90 per share. Details of the sale of shares are set forth in the attached notification. This is information that Equinor ASA is obliged to make public pursuant to Article 19 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegi...

 PRESS RELEASE

Meldepliktig handel - Equinor ASA

Meldepliktig handel - Equinor ASA En nærstående til en primærinnsider i Equinor ASA (OSE: EQNR, NYSE: EQNR) har solgt aksjer i Equinor ASA. Alf Torstensen, nærstående til konserndirektør Siv Helen Rygh Torstensen, har den 30. april 2024 solgt 350 aksjer i Equinor ASA til en pris per aksje på NOK 300,90. Detaljer om salget av aksjer følger av vedlegget til denne meldingen. Denne opplysningen er informasjonspliktig etter artikkel 19 i EU Market Abuse Regulation samt verdipapirhandelloven §5-12. Vedlegg

 PRESS RELEASE

Nokia and Vodafone complete successful Open RAN trial in Italy

Nokia and Vodafone complete successful Open RAN trial in Italy Press ReleaseNokia and Vodafone complete successful Open RAN trial in Italy Nokia and Vodafone are working together to boost the deployment of Open RAN solutions for a flexible network evolution.Companies reached milestone with successful Open RAN call on Vodafone Italy’s live network. 30 April 2024Espoo, Finland – Nokia and Vodafone today announced that they have successfully completed an end-to-end Open RAN trial on Vodafone Italy’s live 5G standalone network. The trial utilized Nokia’s AirScale Massive MIMO radios and Nok...

 PRESS RELEASE

Nokia Oyj: Omien osakkeiden takaisinosto 29.04.2024

Nokia Oyj: Omien osakkeiden takaisinosto 29.04.2024 Nokia OyjPörssitiedote29.04.2024 klo 22.30 Nokia Oyj: Omien osakkeiden takaisinosto 29.04.2024 Espoo – Nokia Oyj (LEI: 549300A0JPRWG1KI7U06) on 29.04.2024 hankkinut omia osakkeitaan (ISIN FI0009000681) omistukseensa seuraavasti: Markkinapaikka (MIC Code)Osakkeiden lukumääräPainotettu keskihinta osakkeelta, euroa*XHEL385 3003,44CEUX--BATE--AQEU--TQEX--Yhteensä385 3003,44 * Kahden desimaalin tarkkuuteen pyöristettynä Nokia ilmoitti 25. tammikuuta 2024, että yhtiön hallitus on käynnistämässä osakkeidensa takaisinosto-ohjelman palauttaaksee...

 PRESS RELEASE

  Nokia Corporation: Repurchase of own shares on 29.04.2024

  Nokia Corporation: Repurchase of own shares on 29.04.2024 Nokia CorporationStock Exchange Release29 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 29.04.2024 Espoo, Finland – On 29 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL385,3003.44CEUX--BATE--AQEU--TQEX--Total385,3003.44 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to retur...

Yara International ASA: 2 directors

Two Directors at Yara International ASA bought/maiden bought 2,337 shares at between 315.000NOK and 316.600NOK. The significance rating of the trade was 54/100. 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 compa...

 PRESS RELEASE

Yara International ASA - Mandatory notifications of trade

Yara International ASA - Mandatory notifications of trade Yara Board member Jannicke Hilland has purchased a total of 1,587 Yara shares on Friday, 26 April 2024 at an average price of NOK 315 per share. Following this purchase, Jannicke Hilland owns a total of 1,587 shares in Yara international ASA. Yara Board member Therese Log Bergjord has purchased a total of 750 Yara shares on Friday, 26 April 2024 at an average price of NOK 316.6 per share. Following this purchase, Therese Log Bergjord owns a total of 750 shares in Yara International ASA. Details of the transactions can be fo...

ABGSC Chemicals Research ... (+3)
  • ABGSC Chemicals Research
  • Bengt Jonassen
  • Martin Melbye

It does not add up - Down to HOLD (Buy)

Price headwinds stronger than expected. Slashing estimates for 2024-26e. ~7% ATRoCE suggests EV/CE ~1x is fair - HOLD (Buy) TP 325.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen

Another value-accretive event

Q1 net capital employed up to NOK 17.2 per share. More could materialise during the year. Still significant discount to fair value - BUY.

 PRESS RELEASE

Nokia Corporation: Repurchase of own shares on 26.04.2024

Nokia Corporation: Repurchase of own shares on 26.04.2024 Nokia CorporationStock Exchange Release26 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 26.04.2024 Espoo, Finland – On 26 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL370,0003.43CEUX--BATE--AQEU--TQEX--Total370,0003.43 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return ...

Niclas Gehin
  • Niclas Gehin

Yara (Buy, TP: NOK425.00) - Q1 disappoints the market

While the Q1 results disappointed the market, we consider a ~USD70m–120m EBITDA miss to be within a normal standard deviation and have made only minor estimate changes. Yara’s share price in dollar terms (USD29) is among its lowest since 2010, yet consensus earnings forecasts are at normalised levels. We believe this reflects investor fears it will act irrationally with its capex (NIBD/EBITDA of 2.3x does not give it the muscle to carry out the announced blue ammonia investments). While we hear ...

Steffen Evjen
  • Steffen Evjen

Weekly news, topics & discussion

This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.

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