reports
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1150.00) - CagriSema set to raise the bar
We remain below Visible Alpha consensus on Q3 LCY figures, likely due to our lower assumptions of realised Wegovy and Ozempic US prescriptions. With the Q3 results, we still expect management to narrow the 2024 guidance for LCY sales growth of 24–28% YOY (22–28%) and LCY operating profit growth of 22–28% YOY (20–28%). We focus on the REDEFINE-1 headline results (due in Q4) and expect CagriSema to show a c27% weight loss. We reiterate our BUY and DKK1,150 target price.
TechnipFMC Awarded iEPCI™ Contract for bp’s Greenfield 20K Development...
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded an integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract(1) by bp for its greenfield Kaskida development in the Gulf of Mexico. The contract covers the design and manufacture of subsea production systems, including 20,000 psi (20K) standardized subsea trees and manifolds. The scope also includes the design, manufacture, and installation of subsea umbilicals, risers, and flowlines. The award follows an integrated Front End Engineering and Design (iFEED®) study by TechnipFMC. Jonatha...
TechnipFMC Awarded Subsea Contracts by Petrobras for Brazil’s Pre-Salt...
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded two subsea contracts by Petrobras for the pre-salt fields offshore Brazil. The first award is a substantial(1) contract to design, engineer, and manufacture riser flexible pipe. TechnipFMC will also supply associated services including packing and storage. The second award, which followed a competitive tender, is a significant(2) contract to design, engineer, and manufacture subsea production systems to be deployed on the Atapu 2, Sepia 2, and Roncador projects. The contract also covers installation support and li...
TechnipFMC Announces Third-Quarter 2024 Earnings Release and Conferenc...
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) will host its third-quarter 2024 earnings conference call on Thursday, October 24, 2024, at 1:30 p.m. London time (8:30 a.m. New York time). A press release announcing the results will be issued prior to the call at approximately 11:45 a.m. London time (6:45 a.m. New York time). The event will be webcast live and can be accessed via the or by registering . A replay of the webcast will be available on the website following the event. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy i...
TechnipFMC to Speak at Barclays 38th Annual CEO Energy-Power Conferenc...
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) announced today that Doug Pferdehirt, Chair and Chief Executive Officer, will speak at the Barclays 38th Annual CEO Energy-Power Conference on Tuesday, September 3, 2024, at 12:40 p.m. ET in New York, NY. The live webcast will be available at the time of the event and can be accessed at the . There will be no presentation materials associated with the event. An audio replay of the webcast will be available on this website for 180 days. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new ener...
Novo Nordisk AS: 1 director
A director at Novo Nordisk AS bought 1,500 shares at 912.629DKK and the significance rating of the trade was 54/100. 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 clear...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1200.00) - Wegovy roll-out continues
While Q2 LCY sales growth was below expectations, LCY operating profit growth beat our forecast, partly due to lower realised S&D costs. We maintain our 2024 rebate assumption for Wegovy but have raised our Ozempic rebate estimate based on high Q2 rebates. The 2024 guidance was raised to LCY sales growth of 22–28% (previously 19–27%) and operating profit growth of 20–28% (16–24%). We reiterate our BUY and DKK1,200 target price.
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1200.00) - Company consensus added
We are slightly above consensus on Q2e LCY sales growth (we forecast 26.8%, consensus 26.4%), but below on LCY operating profit growth (we forecast 4.4%, consensus 8.7%), as we believe the DKK5.7bn impairment loss is not fully reflected in consensus. We expect management to raise the 2024 guidance for YOY LCY sales growth to 23–31% (currently 19–27%) and LCY operating profit growth to 20–28% (16–24% including the c6%-points drag from the impairment loss in Q2). We reiterate our BUY and DKK1,200 ...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Baptiste Lebacq
TechnipFMC : Comme un poisson dans l’eau
>Opinion Surperformance OC relevé à 33 $ - A l’issue de la publication et de la conférence call, nous relevons notre OC à 33 $ (vs 31 $ auparavant), ce dernier reste basé sur un multiple de PE 12m de 20x. Malgré une performance solide de près de 40% YtD (et le fait que le titre se situe sur ses plus hauts depuis la fusion entre Technip et FMC), nous pensons que le titre continue de revêtir du potentiel (il est revenu sur ses multiples de PE 12m pré-COVID et depuis la...
- Baptiste Lebacq
TechnipFMC : In its element
>Outperform recommendation, target price revised up to $ 33 - After the publication and the conference call, we are revising up our target price to $ 33 (vs. $ 31 previously), still based on a 12-month P/E of 20x. Despite a solid performance of nearly 40% YtD (and the fact that the share it at its highest level since the merger between Technip and FMC), we believe there is further upside potential (the company has returned to pre-COVID levels in terms of 12-month P/E...
TechnipFMC Announces Second Quarter 2024 Results
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today reported second quarter 2024 results. Summary Financial Results from Continuing Operations Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules. Three Months Ended Change (In millions, except per share amounts) Jun. 30, 2024 Mar. 31, 2024 Jun. 30, 2023 Sequential Year-over- Year Revenue $2,325.6 $2,042.0 $1,972.2 13.9% 17.9% Net...
TechnipFMC Awarded Substantial Flexible Pipe Contract by Petrobras
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) has been awarded a substantial(1) contract by Petrobras to supply flexible pipe for the pre-salt fields offshore Brazil, following completion of a tender. The contract covers the design, engineering, and manufacture of flexible pipe for water injection and gas lift. Jonathan Landes, President, Subsea at TechnipFMC, commented: “One of our core technologies will once again support Petrobras’s ambitions, and we are proud of the trust we have built with them over many decades. With this award, we will utilize our global manufacturin...
TechnipFMC Declares Quarterly Dividend
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC plc (NYSE: FTI) today announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on September 4, 2024 to shareholders of record as of the close of business on the New York Stock Exchange on August 20, 2024. The ex-dividend date is August 20, 2024. Important Information for Investors and Securityholders Forward-Looking Statement This release contains "forward-looking statements" regarding our future dividend payment obligations as defined in Section 27A of the United States Secur...
TechnipFMC Awarded Large iEPCI™ Contract for Energean’s Katlan Develop...
NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC (NYSE: FTI) (the “Company”) has been awarded a large(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Energean for its Katlan development in the Mediterranean Sea. This is Energean’s first project to use TechnipFMC’s configure-to-order production systems. The award follows an integrated Front End Engineering and Design (iFEED®) study by TechnipFMC, which optimized the commercial and technological solution for the field. The contract covers the design, manufacture, and installation of the productio...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK1200.00) - Expecting strong top-line growth
We forecast solid LCY sales growth of 26.8% YOY in Q2 (consensus 24.6%), driven by GLP-1, but just 4.4% LCY operating profit growth (consensus 19.1%), hurt by a DKK5.7bn impairment. We expect management to revise its 2024 guidance for LCY sales growth to 23–31% (19–27%) and LCY operating profit growth to 20–28 (22–30%), including a c6%-point drag from the impairment loss. We reiterate our BUY and DKK1,200 target price.
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/04/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
AKRBF AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
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