reports
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
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
ENTRA ENTRA ASA
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER 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
LOGI.B-SE LOGISTEA AB
- Miika Ihamaki
Huhtamaki (Buy, TP: EUR47.00) - Flexing the Flexibles
We continue to believe the market is overlooking the sizeable Flexible Packaging step-up opportunity, with significant shareholder value potential from: 1) market share gains; 2) product simplification; and 3) footprint optimisation. With no estimate changes, we reiterate our BUY and EUR47 target price, and continue to find the NTM EV/EBIT of c12.5x (5-year average: c15.0x) attractive and a good entry point.
- Simen Mortensen
Swedish policy rate cut, an upgrade and a downgrade
Sweden’s Riksbank cut the policy rate this week to 3.75% (4.0%); our estimates are based on another four cuts by end-2025. During the week we upgraded Veidekke to BUY, downgraded Castellum to HOLD, and reiterated our HOLD on Kojamo and SELL on Hufvudstaden and Sagax. The average implied EBITDA yields on the stocks we cover are 4.40% for 2024e and 4.79% for 2025e.
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
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Oil & Oil Services Research
- John Olaisen
- Niklas Wetterling
Hufvudstaden (Sell, TP: SEK115.00) - Vacancies on the rise
The Q1 results provided the market with no relief for its concern about the Stockholm office and retail rental market strength, as the company missed on revenues and saw an increased vacancy rate. We have cut our EPS by 5–6% for 2023–2026 and our target price to SEK115 (120), and reiterate our SELL.
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Wallenius Wilhelmsen ASA Minor model adjustments
We have marginally increased our revenue estimates and revised our cost assumptions, owing to the Q1 results. With no surprises related to the Red Sea disruption or the Baltimore bridge accident, focus should shift to shareholder distributions. The revised dividend policy allows for extraordinary dividends at the board’s discretion, something we have not seen before, and the first possibility could be in connection with Q2. We calculate cNOK25/share in excess cash today, potentially on top of N...
- Steffen Evjen
TGS (Hold, TP: NOK125.00) - Few reasons to engage near-term
Given a more muted near-term outlook, we expect cuts to consensus for the Acquisition business, but also soft utilisation of the soon-to-be-acquired PGS vessels in Q2, leaving investors few reasons to buy the stock near-term. We therefore reiterate our HOLD but have cut our target price to NOK125 (130) on our lower 2024–2026e proprietary revenue estimates.
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK21.00) - Time to recharge
The Q1 results were above our forecasts, but cash flow was weak. We expect the key focus ahead to be the need for a new bank facility, which we are concerned could come at an increased financial cost. We have made minor estimate changes and reiterate our SELL and NOK21 target price.
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Renewable Energy Research
- Ali Shemmari
- Petter Nystrøm
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK21.00) - Q1 EBIT above
We consider this a positive report for Elmera overall, including EBIT above expectations but deliveries slightly below (but above in Consumer), and weak operating cash flow due to significant working capital movements. We expect 3% positive revisions to consensus 2024e EBIT on the back of the report and believe a positive share price reaction is warranted.
- ABGSC Oil & Oil Services Research
- John Olaisen
- ABGSC Shipping & Transport Research
- Oliver Dunvold
- Petter Haugen
TGS Quarterly Dividend
TGS Quarterly Dividend OSLO, NORWAY (8 May 2024) – Following the authorization from the Annual General Meeting on 10 May 2023, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.52 per share) in Q2 2024. Key information relating to the cash dividend: Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.52 per share)Last trading day including right: 15 May 2024 Ex-date: 16 May 2024Record date: 21 May 2024Payment date: 3 June 2024 Date of approval: 7 May 2024 Company Summary TGS ...
TGS Announces Q1 2024 Results
TGS Announces Q1 2024 Results OSLO, Norway (8 May 2024) - TGS today reported interim financial results for Q1 2024. The quarter reflected a strong development in multi-client late sales and high POC early sales rate, resulting in solid profitability in POC financials. Financial highlights: POC revenues (1) were USD 227 million compared to USD 229 million in Q1 2023 POC EBITDA of USD 143 million versus USD 119 million in Q1 2023POC operating result was USD 40 million compared to USD 25 million in Q1 2023 Contract inflow of USD 140 million during Q1 2024 compared to USD 248 million ...
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