Wihlborgs Fastigheter AB: 1 director

A director at Wihlborgs Fastigheter AB sold 8,000 shares at 94.200SEK and the significance rating of the trade was 70/100. 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...

Nordic banks – statistical update – Swedish bankruptcies April 2024

The total number of bankruptcies was up 65% y-o-y and up 16% m-o-m in April 2024. Corporate bankruptcies were up 81% y-o-y and up 16% m-o-m in April 2024.

Cargotec (Buy, TP: EUR88.00) - Attractively valued quality

Following a solid Q1, we have raised our 2024–2026e clean EPS by c11% on average and target price to EUR88 (77). Our positive case elements (Handling it successfully, 21 March) have strengthened and we reiterate our BUY as value creation potential remains.

Nordic banks – Statistical update - Norwegian lending March 2024

Total lending grew by 3.3% y-o-y (3.4% adjusted for FX effects) and 0.3% m-o-m. Last month, total lending was up 3.3% y-o-y.

Swedbank AB: 2 directors

A director at Swedbank AB bought 2,350 shares at 211.100SEK and the significance rating of the trade was 47/100. 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...

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) bought 12,008 shares at 273.140SEK and the significance rating of the trade was 82/100. 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 y...

Europris ASA: 1 director

A director at Europris ASA bought 7,232 shares at 68.704NOK 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...

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...

Nordic Banks - Statistical update - Swedish lending, March 2024

Nordic banks – Statistical update - Danish lending, February 2024

Swedish Orphan Biovitrum (Buy, TP: SEK335.00) - Strong start to 2024

The Q1 earnings were above our forecast, even though some of the positive effects were one-offs (manufacturing revenues, among others). We believe Vonjo sales have bottomed out and we should be back at QOQ growth from Q2. The haemophilia franchise enjoyed stronger than expected growth, but some of this was due to phasing between quarters (hence this might hurt Q2 sales slightly). We reiterate our BUY and have increased our target price to SEK335 (320).

Q1 shows core SOBI sales model works

Strong Q1 numbers, 20% CER growth and 5-15% adj EBITA beat. Vonjo questions remain, but Q1 shows that SOBI sales model works. EPS +1-2% and unchanged BUY, as core case is reaffirmed.

Striving to improve margins - up to BUY

Weather weight as expected, but a more bullish margin story evolving. We increase our estimates by 5-10% from improved UW. Up to BUY (Hold) with TP NOK 195 (171); 10% upside.

Sparebanken Møre (Hold, TP: NOK92.00) - Strong capital position

With NII at still-high levels and moderate loan losses, MORG reported a Q1 ROE of ~13% (>12% target), despite elevated cost inflation. Even with solid lending growth, the CET1 ratio rose ~25bp QOQ, leaving ample 2.3%-points headroom to its 16.15% requirement (including P2G). We have cut our 2025–2026e EPS by ~2–4%, driven by lower core revenues and higher costs, and in turn trimmed our target price to NOK92 (95). With the stock trading at a 2025e P/E of 9.5x, we continue to find a more attractiv...

Medistim (Hold, TP: NOK190.00) - Sales in Americas weaken

Revenues grew 3.5% YOY in Q1 (currency-neutral total sales grew 2.2%), below our estimate c6%. The EBIT margin of 24% was almost back to normal and in our view shows the low margin in Q4 2023 (16.4%) should be seen as a one-off. However, we remain concerned about revenue growth, especially in the Americas, after the fifth consecutive quarter of declining currency-neutral sales. Thus, while we reiterate our HOLD, we have lowered our 2024–2026e sales by c3–8% and cut our target price to NOK190 (21...

Europris (Buy, TP: NOK80.00) - Not its best report

Both the Q1 results and the 2024 cost guidance disappointed. However, we reiterate our BUY as we continue to find the valuation attractive and believe Europris has a winning concept in the current market, but have lowered our target price to NOK80 (85), reflecting our estimate cuts.

Q1'24: Better than feared - BUY

Q1'24 operating profit was largely in line with our forecast, and we have marginally revised our net earnings estimates. We keep our BUY rating and TP of SEK 253.

Stora Enso (Buy, TP: EUR16.50) - On track

Due to better volumes and prices in the packaging materials division, underlying Q1 earnings were above our expectations. Looking ahead, earnings are set to be supported by higher pulp prices at the same time as pricing power has strengthened for most of Stora Enso’s packaging products. We have made limited changes to our 2024–2027 forecasts, but as we are increasingly confident that Stora Enso will be able to raise its profits to a sustainably healthy level, we have increased our target price t...