reports
- ABGSC Consumer Goods Research
- Petter Nystrøm
Orkla ASA: 1 director
A director at Orkla ASA bought 12,500 shares at 78.995NOK and the significance rating of the trade was 67/100. 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 company's directors over the last two years clearly sho...
- Ole Martin Westgaard
- Ole Martin Westgaard
Orkla (Hold, TP: NOK81.00) - Q1 slightly above consensus
We consider this a slightly positive report, including figures above consensus on higher-than-expected organic growth, a slight contribution-margin improvement, and no significant change in outlook. We expect 1–2% positive revisions to consensus 2024e adj. EBIT, and believe a slightly positive share price reaction is warranted.
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : Début d’année plus difficile que prévu
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
- Anthony Dick
- Michael Foundoukidis
Nokian Renkaat Oyj : A tougher start to the year than expected
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.00) - Soft Q1, with or without setbacks
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
- Rune Majlund Dahl
Demant (Buy, TP: DKK400.00) - 2024 likely to be back-end loaded
We forecast Q1 organic revenue growth of 4.7% YOY (in line with consensus), driven by Hearing Care (we forecast 4.9%) and Diagnostics (we forecast 8.4%), while Hearing Aids faces a tough YOY comparable (we forecast 3.6%). We expect 2024 to be back-end loaded and driven by Oticon Intent. We expect maintained 2024 guidance of 4–8% organic growth, c1% M&A growth, c-1% FX, and EBIT of DKK4.6bn–5.0bn. We reiterate our BUY and DKK400 target price.
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Headwinds for Recycling
Recycling reported disappointing Q1 adj. EBITA of NOK7m on lower revenues, which also hurt margins. Given the solid order intake – a bright spot in the report – we have only reduced our 2025–2026e EPS by 3–4%. We struggle to justify the 2024e P/E of 39x (similar to the ‘Magnificent 7’, with ~20% average annual growth rates) coupled with 2024e revenue growth of only ~3–4% and risk to 2025–2026e growth from potential delays in Poland and the UK’s DRS implementations. We reiterate our SELL and NOK9...
- Emil Jonsson
Norion Bank (Buy, TP: SEK53.00) - Market still overstating risk
Q1 earnings were solid, with low credit losses the main positive. We still see a favourable growth outlook, with a 2023–2026e earnings CAGR of c9%, combined with 7–18% dividend yields. We continue to find the stock undervalued, at a 2025e P/E of c6x, adjusted for excess capital. We reiterate our BUY and have raised our target price to SEK53 (52) on 1–4% higher 2025–2026e EPS.
- Niclas Gehin
Tomra (Sell, TP: NOK95.00) - Pricing does not reflect its growth
We expect Tomra to report a Q1 EBITA of NOK311m (results due at 7:00 CET on 26 April). We have reduced our 2024 EPS estimate by 3% on cuts in the Food segment while we have raised our 2026 by 6% from upwards revisions in the Recycling segment. We have raised our target price to NOK95 (75) while we reiterate our SELL as we struggle to justify its 2024e P/E of 33x (similar to that of the ‘Magnificent 7’ with ~20% annual growth rates) when seen in combination with Tomra’s 2024 revenues growth expec...
Ekstraordinær generalforsamling i Jyske Bank A/S den 18. april 2024
Ekstraordinær generalforsamling i Jyske Bank A/S den 18. april 2024 På bankens ekstraordinære generalforsamling d.d. blev forslagene ifølge dagsordenen endelig vedtaget. Forslagene om vedtægtsændringer fremsat af bestyrelsen under dagsordenens pkt. a.1 – a.4 (vedr. vederlagsstrukturen for repræsentantskabet, valg af bestyrelsesmedlemmer og håndtering af direktionens lønnings- og pensionsvilkår) samt forslaget under dagsordenens pkt. b vedrørende generalforsamlingens bemyndigelse til bestyrelsen til brug for vedtægternes registrering blev alle vedtaget. Erhvervsstyrelsen anmodes he...
Extraordinary General Meeting of Jyske Bank A/S held on 18 April 2024
Extraordinary General Meeting of Jyske Bank A/S held on 18 April 2024 At the Extraordinary General Meeting of Jyske Bank held today, the motions set out in the agenda were finally adopted. The motions about amendments to the Articles of Association proposed by the Supervisory Board under items a.1 – a.4 of the agenda (concerning the remuneration structure for the Shareholders' Representatives, election of Supervisory Board members and handling of the salary and pension terms of the Executive Board) as well as the motion under item b of the agenda concerning the authorisation of the gen...
Ledende medarbejderes og disses nærtståendes transaktioner
Ledende medarbejderes og disses nærtståendes transaktioner Indberetning nr. 5 / 2024 Indberetning og offentliggørelse om aktiebesiddelser hos Jyske Banks indberetningspligtige i henhold til EU-forordningen om markedsmisbrug. For yderligere detaljer henvises til de vedhæftede skemaer. Vedhæftede filer
Transactions by persons discharging managerial responsibilities and pe...
Transactions by persons discharging managerial responsibilities and persons closely associated with them Disclosure 5 / 2024 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in compliance with the EU Commission Market Abuse Regulation. Further details are included in the attachments. Attachments
- Emil Jonsson
Norion Bank (Buy, TP: SEK52.00) - Asset quality still holding up
Despite the market’s concerns about imminent credit losses on Norion’s real estate lending, Q1 looks likely to feature the lowest loan loss ratio in six quarters. Current consensus Q1 PTP looks balanced. We still find the stock attractive at a c5x P/E for 2026e, adjusted for excess capital. We reiterate our BUY and SEK52 target price but have cut our 2024–2026e EPS by 3–11%, due mostly to timing effects on the net interest margin from a more prolonged rate-cutting cycle.
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR9.50) - Directionally better
For 2024, Nokian Tyres is set to see a boost in capacity, but most of the increase should stem from less-profitable contract manufacturing, leaving limited upside potential to consensus, in our view. For Q1, we expect reiterated 2024 guidance on slightly improved sell-in trends and an update on capacity expansion. We reiterate our HOLD but have nudged up our target price to EUR9.5 (9.0).
Ledende medarbejderes og disses nærtståendes transaktioner
Ledende medarbejderes og disses nærtståendes transaktioner Indberetning nr. 4 / 2024 Indberetning og offentliggørelse om aktiebesiddelser hos Jyske Banks indberetningspligtige i henhold til EU-forordningen om markedsmisbrug. For yderligere detaljer henvises til de vedhæftede skemaer. Vedhæftet fil
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