reports
- 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.
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- 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
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
ELUX B ELECTROLUX AB
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
Telenor ASA: 1 director
A director at Telenor ASA bought 3,247 shares at 154.000NOK and the significance rating of the trade was 69/100. 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 s...
- 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.
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK142.00) - Mixed set of results
While Telenor reported decent Q1 headline results adjusted for a one-off VAT provision in Norway, slightly above consensus and our estimates, the FCF beat was seemingly driven by lower-quality transitory tailwinds, leaving us still uncertain about its ability to cover its dividends with underlying FCF before M&A this year and in 2026. Thus, given our view of a stretched company and sector valuation, we reiterate our SELL, while we have raised our target price to NOK142 (140).
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- 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
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.
- Chris Hoare
Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support contin...
Telenor has reported a good set of Q1 numbers, with SR c0.5% ahead of consensus and EBITDA in line; 2025 guidance was re-iterated, which is now in line with consensus expectations, but we think this could be raised later in the year if the further OpEx efficiencies management are expecting are realised.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
Steady course in turbulent times
Steady course in turbulent times Fornebu, Norway - May 6, 2025 - Telenor Group increased its revenues during a quarter of global economic instability due to fast-changing tariffs and geopolitical turmoil. This unpredictability has also created new business opportunities in the Nordics. First quarter highlights: Service revenues of NOK 16.1 billion in the quarterAdjusted EBITDA of NOK 8.6 billion in the quarterFree cash flow before M&A of NOK 3.0 billion in the quarter During the first quarter, Telenor delivered year-over-year organic growth in service revenues of 2.1 percent, and org...
Stø kurs i urolige tider
Stø kurs i urolige tider (Fornebu, 06. mai 2025) Telenor økte inntektene i et kvartal med global økonomisk ustabilitet grunnet skiftende tollpolitikk og geopolitisk uro. Denne uforutsigbarheten har også skapt nye forretningsmuligheter i Norden. Høydepunkter i første kvartal: Tjenesteinntekter på 16,1 milliarder kroner i kvartaletJustert EBITDA på 8,6 milliarder kroner i kvartalet Fri kontantstrøm før M&A på totalt 3,0 milliarder kroner i kvartalet I første kvartal leverte Telenor en organisk vekst i tjenesteinntekter på 2,1 prosent sammenlignet med første kvartal i fjor, og organisk EB...
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Delphine Brault
- Delphine Brault
- Tomi Railo
Kone (Hold, TP: EUR55.00) - Limited surprises
Q1 provided few surprises: total orders were a touch better than expected; orders received margins continued to decline; China orders matched our estimates; cash flow was strong; and the 2025 guidance was broadly in line with consensus. Having raised our 2025–2027e clean EPS by c2% on average, we have increased our target price to EUR55 (52) but reiterate our HOLD.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
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