reports
- Martin Huseby Karlsen
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Solid start to the year
A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.
Genmab to Present New and Updated Results From Multiple Clinical Trial...
Genmab to Present New and Updated Results From Multiple Clinical Trials Evaluating Epcoritamab Across Various B-Cell Malignancies at the 2024 European Hematology Association (EHA) Congress Media ReleaseCOPENHAGEN, Denmark; May 14, 2024 Sixteen abstracts accepted for presentation and publication demonstrate depth and breadth of comprehensive epcoritamab development programThree oral presentations highlight novel data evaluating epcoritamab in patients with relapsed/refractory (R/R) follicular lymphoma (FL), in combination for first-line treatment of diffuse large B-cell lymphoma (DLBCL),...
Transactions in Connection with Share Buy-back Program
Transactions in Connection with Share Buy-back Program Company Announcement COPENHAGEN, Denmark; May 13, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares.The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from May 6, 2024 to May 10, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 689,510 1,393,154,997.08May 6, 2...
- ABGSC Services Research
- Stefan Knutsson
Millicom (Tigo) share repurchase activity
Millicom (Tigo) share repurchase activity Millicom (Tigo) share repurchase activity Luxembourg, May 10, 2024 – Pursuant to the share repurchase program announced on December 15, 2023, Millicom repurchased 29,063 of its Swedish Depository Receipts (SDRs) between May 6, 2024 and May 10, 2024, as detailed in the table below. Trade DateNumber of SDRs repurchasedDaily average price paid* (SEK) Daily repurchase amount* (SEK)05/06/20247,000230.63101,614,41705/07/20247,935231.48271,836,81505/08/20246,190233.21791,443,61905/10/20247,938246.65631,957,958 * Excluding commissions All purchases were c...
- Stefan Gauffin
Millicom (Buy, TP: SEK310.00) - EFCF falling into place
After years of EFCF disappointing, we are even more confident that Millicom can beat its target of USD550m in 2024. On our estimates, the stock is trading at a 15% FCF yield. We reiterate our BUY and have raised our target price to SEK310 (290).
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Focusing on underlying business
We have made limited estimate changes ahead of the Q1 results (due at 08:00 CET on 15 May), and believe Photocure is moving forward in areas within its control. YOY comparables are affected by Q1 2023 being the last quarter with flex sales in the US. Its partner, Asieris, has filed for marketing approval of Cevira in China; if accepted for review, we believe Photocure would be in line for another milestone payment in Q2. We reiterate our BUY and NOK87 target price.
- Karl-Johan Bonnevier
Securitas (Buy, TP: SEK158.00) - North America showing the way
The North American operation continued to shine in Q1, growing with strong earnings leverage, while Europe remained in transformation mode. We have raised our 2024–2026e EPS by 3–5% on the results, mainly due to FX. We still see a strong transformation case, as the journey towards the 8% profit margin target by end-2025 (LTM 6.6%) continues, with the riskier early part of the Stanley Security integration now largely finalised. We reiterate our BUY and SEK158 target price.
Millicom (Tigo) Q1 2024 Earnings Release
Millicom (Tigo) Q1 2024 Earnings Release Millicom (Tigo) Q1 2024 Earnings Release Luxembourg, May 8, 2024 – is pleased to announce its first quarter 2024 results. Please find below links to the Q1 2024 Earnings Release and IAS 34 Interim Condensed Consolidated Financial Statements. Highlights* Revenue grew 8.6% driven by Service revenue up 8.8%, due to stronger currencies and organic growth of 3.8%, up from 3.2% in Q4 attributable to large B2B contracts in Panama and a return to positive growth in Guatemala. Operating profit increased 70.6%, reflecting the revenue increase and a 3.4% d...
- ABGSC Services Research
- Stefan Knutsson
Capital Increase in Genmab as a Result of Employee Warrant Exercise
Capital Increase in Genmab as a Result of Employee Warrant Exercise Company Announcement COPENHAGEN, Denmark; May 7, 2024 – (Nasdaq: GMAB) will increase its share capital by 6,959 shares as a consequence of the exercise of employee warrants. The increase is effected without any preemption rights for the existing shareholders of the company or others. The shares are subscribed in cash at the following price per share of nominally DKK 1: 2,171 shares at DKK 1,025.00,2,790 shares at DKK 1,032.00,98 shares at DKK 1,161.00,729 shares at DKK 1,334.50,343 shares at DKK 1,362....
Transactions in Connection with Share Buy-back Program
Transactions in Connection with Share Buy-back Program Company Announcement COPENHAGEN, Denmark; May 6, 2024 – Genmab A/S (Nasdaq: GMAB). On March 15, 2024, Genmab announced the initiation of a share buy-back program to repurchase up to DKK 3.5 billion worth of shares. The share buy-back program is expected to be completed no later than December 16, 2024. The following transactions were executed under the program from April 29, 2024 to May 3, 2024: Trading PlatformNo. of sharesAverage price (DKK)Total value (DKK)Accumulated through last announcement 602,818 1,222,541,085.50April 29, 202...
- Stefan Gauffin
Millicom (Buy, TP: SEK290.00) - Time to reap the benefits
In 2023, Millicom implemented significant measures to take out costs of USD250m, which is set to boost EBITDA growth in 2024. If we adjust for the restructuring charges, we calculate 13% underlying EBITDA growth in 2024. We reiterate our BUY, and have raised our target price to SEK290 (275).
Millicom (Tigo) share repurchase activity
Millicom (Tigo) share repurchase activity Millicom (Tigo) share repurchase activity Luxembourg, May 3, 2024 – Pursuant to the share repurchase program announced on December 15, 2023, Millicom repurchased 27,477 of its Swedish Depository Receipts (SDRs) between April 29, 2024 and May 3, 2024, as detailed in the table below. Trade DateNumber of SDRs repurchasedDaily average price paid* (SEK) Daily repurchase amount* (SEK)04/29/20247,354221.13131,626,20004/30/20245,500228.50561,256,78105/02/20247,059227.70271,607,35305/03/20247,564229.70731,737,506 * Excluding commissions All purchases were ...
- Martin Huseby Karlsen
- Rune Majlund Dahl
Genmab (Buy, TP: DKK2630.00) - Epinkly off to a good start in 2024
Q1 sales beat our forecast and consensus due to higher product-related royalties and solid Epkinly sales, while the operating profit margin was softer than expected owing to higher opex. Genmab reiterated the 2024 guidance for sales of DKK18.7bn–20.5bn, opex of DKK12.4bn–13.4bn, and operating profit of DKK4.6bn–7.1bn. We expect a strong pipeline of news flow in 2024. We reiterate our BUY and DKK2,630 target price.
- Martin Huseby Karlsen
Consensus back in focus and tier-2 deepwater risk
With the start of the Q1 reporting season for Offshore Drilling, we sense increased investor attention on the risk to consensus. Although we like the investment case for its valuation in the out-years (2026), our estimates remain below consensus. We see potential for share price volatility as near-term consensus is revised lower, while investors gradually underwrite 2026 valuations. We also believe the gaps between contracts and increased idle-time risk for tier-2 deepwater rigs are not properly...
Genmab Announces Financial Results for the First Quarter of 2024
Genmab Announces Financial Results for the First Quarter of 2024 May 2, 2024 Copenhagen, Denmark; Interim Report for the First Quarter Ended March 31, 2024 Highlights The U.S. Food and Drug Administration (U.S. FDA) granted Priority Review for the supplemental Biologics License Application (sBLA) for EPKINLY® (epcoritamab-bysp) for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy, with a Prescription Drug User Fee Act (PDUFA) target action date of June 28, 2024An additional Phase 3 clinical trial was initiated...
Transocean Ltd. Announces Consent Solicitation for 8.375% Senior Secur...
Transocean Ltd. Announces Consent Solicitation for 8.375% Senior Secured Notes due 2028 STEINHAUSEN, Switzerland, May 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that its wholly owned and indirect subsidiary, Transocean Titan Financing Limited (the “Company” and, together with Transocean Ltd., “Transocean”), is soliciting consents (“Consents” and, such solicitation being referred to herein as, the “Consent Solicitation”) from holders (the “Holders”) of its outstanding 8.375% Senior Secured Notes due 2028 (the “Notes”) as of 5:00 p.m. New York City time, on Apr...
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