reports
- Steffen Evjen
Weekly news, topics & discussion
In the past week, we published an update on Equinor; we expect lowered renewables targets and capex guidance at the upcoming Capital Markets Update to be overshadowed by limited will or capacity for attractive shareholder distributions beyond 2025. We see significant downside risk for the stock to trade in line with peers on 2026e total shareholder yields. In other news, Panoro Energy released its Q3 results; we consider the report fairly neutral. Finally, production at Johan Sverdrup is back to...
- Linus Sigurdson
- Steffen Evjen
- Patrik Ling
BioArctic (Buy, TP: SEK350.00) - Positive CHMP opinion
With the positive CHMP opinion after the Q3 report, the quarterly results were a non-event. Leqembi can now be launched in the first markets in Europe in H1 2025. On the development side, BioArctic highlighted the pre-clinical data on its Brain Transporter (BT) technology, which showed the mechanism significantly increases the transport of large molecules (mAbs) across the blood brain barrier (BBB). We reiterate our BUY and have raised our target price to SEK350 (270), adding the EU market oppor...
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Bure reported Q3 results, outperforming the SIXRX by more than 5%-points; 2) VEF’s largest holding, Creditas, reported Q3 numbers, with origination improving 17% QOQ ahead of a profitable growth reacceleration and potential listing; 3) Apotea (10% of Creades’ unlisted assets) announced its intention to go public before year-end; and 4) Kinnevik’s chair is set to step down in 2025.
- Steffen Evjen
US shale: limited revisions and colour on 2025 activity levels
Our Q3 survey of the US shale universe showed limited revisions to guidance for 2024, and we still expect muted 2024 production growth of ~4–5% YOY (+8% YOY in 2023). Our survey also suggests capex down ~2% YOY, as the companies continue to guide for flat activity. Limited colour was provided on 2025 activity levels and associated capex, which we will know more about in the Q4 results season. For Q3, our universe marginally underspent its cash flow, albeit with net debt continuing to build QOQ a...
Notification of transaction by a closely associated person of a Direct...
Notification of transaction by a closely associated person of a Director of Millicom (Tigo) Notification of transaction by a closely associated person of a Director of Millicom (Tigo) Luxembourg, November 13, 2024 – International Cellular S.A. ("Millicom") announces that, on November 7, 2024, Atlas Luxco S.à r.l. (”Atlas”) a person closely associated (”PCA”) with Jules Niel, a member of Millicom’s Board of Directors, acquired 40,089 Millicom Swedish Depository Receipts (SDRs) in the open market at an average price of SEK 280.4 per share (the “Acquisition”). The Acquisition by Atl...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Steffen Evjen
- Stefan Gauffin
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
Notification of share transaction by Director of Millicom (Tigo) share...
Notification of share transaction by Director of Millicom (Tigo) shares Notification of share transaction by Director of Millicom (Tigo) shares Luxembourg, November 8, 2024 – International Cellular S.A. ("Millicom") announces that, on November 8, 2024, Tomas Eliasson, Director of Millicom, sold 17,269 Millicom Swedish Depository Receipts (SDRs) in the open market at an average price of SEK 289.19 per share. Mr. Eliasson now directly owns no shares. Details of the transaction are disclosed on Millicom’s . For further information, please contact: Press: Sofía Co...
- Steffen Evjen
Weekly news, topics & discussion
This week, DNO reported Q3 underlying results fairly in line with our estimates. It also introduced a long-term production guidance for its North Sea operations, which we find a bit too aggressive. Still, we estimate the North Sea net production to increase from 15kboed in 2024 to >20kboed in 2027. In other news, Equinor acquired a 11.8% stake from Sval Energi in the Halten East development, and BlueNord’s preliminary October production figures were at the lower end of its Q4 base production gui...
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Latour reported c9% NAV growth QOQ in Q3, outperforming the SIXRX, while the premium to our NAV is now only 2%; 2) Aker raised its dividend payout policy to 4–6% of NAV, giving it the sector’s highest dividend yield; and 3) Bure is due to report its Q3 results tomorrow, 8 November.
Millicom (Tigo) Q3 2024 Earnings Release
Millicom (Tigo) Q3 2024 Earnings Release Millicom (Tigo) Q3 2024 Earnings Release Luxembourg, November 7, 2024 – is pleased to announce its third quarter 2024 results. Please find below links to the Q3 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Highlights* Revenue $1.43 billion up 0.5% - Service Revenue up 1.8% (2.4% organically) Robust commercial activity: 299,000 Postpaid Mobile and 68,000 Home FTTH/HFC net additionsOperating profit $300 million, up 43.1% EBITDA $585 million, up 9.8% Net income $51 million ($0.30 per share)Equity free cash...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Steffen Evjen
- Steffen Evjen
Weekly news, topics & discussion
This week, Aker BP reported Q3 results, with underlying figures in line with expectations. We believe operational tailwinds could benefit it going into 2025, with consensus perhaps underestimating the production potential. Meanwhile, although OKEA reported a strong Q3, we believe it was overshadowed by the introduction of production and capex guidance, which we consider soft. In other news, we see several potential share-price catalysts for BlueNord in the coming months, with the Tyra restart se...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Another positive operating update – The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed. The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. With a total cost of 100 wells on Condor’s fields includ...
FP TOTAL SE
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
EOG EUROPA OIL & GAS (HOLDINGS) PLC
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
TOU TLOU ENERGY
SQZ SERICA ENERGY
DELT DELTIC ENERGY
BP. BP P.L.C.
AOI AFRICA OIL CORP
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- ABGSC Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
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