reports
DSV, 1106 - SHARE BUYBACK IN DSV A/S
DSV, 1106 - SHARE BUYBACK IN DSV A/S Company Announcement No. 1106 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save fo...
- 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
FASTAT-SE FASTATOR
LOGI.B-SE LOGISTEA AB
- Steffen Evjen
Weekly news, topics & discussion
This week, we published a note on Aker BP highlighting our growing concerns of sharp cuts to consensus FCF, with capex assumptions beyond 2026 looking far too low to us – we are ~40% below consensus on 2027–2030e FCF. As well as BW Energy’s Q1 trading update revealing net production just below our estimate, it announced a sale & leaseback agreement, which we see as marginally accretive to our NAV. In other news, we believe the Tyra ramp-up will be in focus in BlueNord’s Q1 results, due next week
- Simen Mortensen
Q1 reporting continues
This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% 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 IT Research
- Øystein Elton Lodgaard
- Steffen Evjen
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Are the Lows "In" for this Pullback? While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback. Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&P 500 due to a multitude of reasons (SPX had simply filled 2/22/24 gap support that we had been discussing since late-February, Russell 2000 and Equal-Weighted S&P 500 were holding above key supports, short-term oversold conditions, subdued ...
SUM SUMMIT MATERIALS INC. CLASS A
MATX MATSON INC.
SBL SAFE BULKERS INC.
GNK GENCO SHIPPING & TRADING LTD.
LCM COSTAMARE INC.
MLM MARTIN MARIETTA MATERIALS INC.
AWC BROOK CROMPTON HOLDINGS
CENX CENTURY ALUMINUM COMPANY
KEX KIRBY CORPORATION
NMM NAVIOS MARITIME PARTNERS
GSL GLOBAL SHIP LEASE INC. CLASS A
VNC VRANCART
DAC DANAOS
KNF KNIFE RIVER CORPORATION
HSHP HIMALAYA SHIPPING LTD.
HWM HOWMET AEROSPACE INC COM
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...
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
DSV, 1105 - SHARE BUYBACK IN DSV A/S
DSV, 1105 - SHARE BUYBACK IN DSV A/S Company Announcement No. 1105 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save fo...
- ABGSC IT Research
- Øystein Elton Lodgaard
- 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
FASTAT-SE FASTATOR
LOGI.B-SE LOGISTEA AB
- 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.
- Simen Mortensen
Q1 reporting season kicks off
Q1 reporting season kicked off this week, with results from Nyfosa, Entra, Wallenstam, Fabege, KMC Properties, Pandox, and Catena. In other news, Public Property Invest is to be listed on the Oslo stock exchange on 29 April. The weighted-average implied EBITDA yields on the stocks we cover are 4.75% for 2024e and 5.04% 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
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
FP TOTAL SE
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
EQNR EQUINOR ASA
DG VINCI SA
BVI BUREAU VERITAS SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
SK SEB SA
GFC GECINA SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
WPP WPP PLC
REP REPSOL SA
MOCORP METSO OUTOTEC OYJ
SKF B SKF AB CLASS B
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
STM STMICROELECTRONICS NV
UMI UMICORE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
TEN TENARIS S.A.
- Ahmed Ben Salem
Equinor : Q1 2024 results top expectations thanks to solid cash flow
>Q1 2023 results 5% ahead of expectations at the operating level and 26% at the net income level - Q1 2024 adjusted EBIT totalled $ 7.5bn, 5% above the consensus, and adjusted net profit was $ 2.57bn, 26% above expectations, with an effective tax rate of 65.8% vs 78% in Q3, with a pleasant surprise in MM&P.Earnings buoyed by the good performance from MM&P - Earnings for the E&P division totalled $ 6.75bn (vs $ 8.4bn in Q4), down by 20% q-o-q and in...
- Martin Huseby Karlsen
Aker Solutions (Hold, TP: NOK40.00) - Probably dead money for a while
Despite Q1 EBITDA 25% above consensus (but in line with our estimate) and 2024e EBITDA c10% higher on updated guidance, we struggle to get excited about the story. The investment case suffers from a lack of financial details for the OneSubsea JV, which we believe investors would need to support a higher valuation. Meanwhile, a forecast working capital unwind and weak cash transition would probably be in focus. We also sense growing concern about the 2026+ outlook as Norway projects end, and back...
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
FP TOTAL SE
EQNR EQUINOR ASA
GPRK GEOPARK
SOU SOUND ENERGY PLC
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
NOG NOSTRUM OIL & GAS PLC
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
OKEA OKEA
I3E I3 ENERGY
RHC ROYAL HELIUM LTD
TRIN TRINITY CAPITAL INC
SOUC SOUTHERN ENERGY CORP
ITH ITHACA ENERGY PLC
TCF TRILLION ENERGY INTERNATIONAL INC. (TCF)
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
LNGE LNG ENERGY GROUP CORP.
- Steffen Evjen
Equinor (Hold, TP: NOK300.00) - Upside still hinges on discipline
Equinor reported Q1 adj. EBIT 3% above our estimate and 5% above company-compiled consensus. Moreover, FCF was exceptionally strong at USD6.3bn, albeit helped by USD3.2bn in a working capital tailwind, which to our understanding is unlikely to reverse. We have increased our 2024e FCF to USD11bn (~13% FCF yield), which would leave Equinor with a ~USD3bn net cash position by year-end. Consequently, we expect this to trigger an extension of extraordinary dividends into 2025, which should be welcome...
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