reports
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Services Research
- Julia Sundvall
- Simon Jönsson
- Stefan Knutsson
- Karl-Johan Bonnevier
Coor Service Management (Buy, TP: SEK54.00) - Efficiencies gaining mom...
Promising signs of Coor’s self-improvement case gaining momentum were crystallised in sharp increases in earnings and FCF in Q1. This further improved the risk/reward in our view, combining internal efficiencies and a strengthening Nordic FM/IFM market, with Coor’s own portfolio largely derisked for 2025. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK54 (52) on a strengthening turnaround case at an attractive valuation, in our view.
- ABGSC Services Research
- Julia Sundvall
- Simon Jönsson
- Stefan Knutsson
- ABGSC Metals & Mining Research
- Ali Shemmari
- Henrik Bartnes
- Martin Melbye
- Niclas Gehin
Elkem (Buy, TP: NOK30.00) - Performing through the trough
We estimate Q1 EBITDA of NOK983m, driven by near-term margin improvement in Silicones, partly offset by our lowered expectations for Silicon due to still-weak market conditions, along with additional headwinds from production curtailments and maintenance work. We have reduced our 2026–2027e EPS by 3%. We reiterate our BUY and NOK30 target price.
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Oil & Oil Services Research
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
EQNR EQUINOR ASA
AKAST AKASTOR ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
BWO BW OFFSHORE LIMITED
PRS PROSAFE
OKEA OKEA
BWE BW ENERGY
VAR VAR ENERGI ASA
SEAPT-NO SEACREST PETROLEO
DOFG DOF GROUP ASA
- Karl-Johan Bonnevier
Coor Service Management (Buy, TP: SEK52.00) - Self-improvement case ma...
We see signs of Coor’s self-improvement case evolving in Q1, with efficiency actions detailed and a strong FCF reversal likely. In our view, this improves the risk/reward, with internal improvements gaining momentum as the underlying Nordic FM/IFM market remains supportive. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK52 (48) on a strengthening turnaround case at an attractive valuation.
- Niclas Gehin
Norsk Hydro (Sell, TP: NOK55.00) - Aluminium defying fundamentals
We reiterate our SELL and NOK55 target price, as we believe consensus EPS and aluminium price expectations are too high. We have seen aluminium prices outperform coal prices by 40% since the summer, defying the fundamental relationship where aluminium prices have been set by its cost of production for the past 15 years. We do not believe a balanced global supply/demand situation is likely to break this correlation. We have reduced our 2026–2027e EPS by 3% due to a stronger NOK versus USD. We est...
- ABGSC Strategy Research
- Bengt Jonassen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
Coor Service Management Holding AB: 2 directors
Two Directors at Coor Service Management Holding AB bought/maiden bought 14,000 shares at between 33.000SEK and 33.260SEK. The significance rating of the trade was 68/100. 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 al...
- ABGSC Services Research
- Julia Sundvall
- Simon Jönsson
- Stefan Knutsson
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- Njål Kleiven
- Niclas Gehin
Norsk Hydro (Sell, TP: NOK55.00) - Soft result in strong market
The Q4 headline results were weaker than consensus and our forecasts, and the proposed 2024 DPS of NOK2.25 was down 10% YOY despite record-strong alumina markets, with aluminium prices at cUSD2,600/t. We still expect aluminium prices to fall towards USD2,200/t as markets remain balanced while input energy costs decline globally, together with weak demand for downstream products. We have raised our 2025e EPS by 7% on high alumina and aluminium prices going into 2025 and 2026e by 1%. We reiterate ...
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- Niclas Gehin
Elkem (Buy, TP: NOK30.00) - Preparing to unlock values
Q4 EBITDA was cNOK1.2bn, in line with our estimate and consensus. The company proposed a DPS of NOK0.3 for 2024, which was above our forecast of NOK0 and consensus of NOK0.09. We have made minor adjustments to our 2025–2026e EPS, and are 6% above consensus for 2026e EPS. We reiterate our BUY and NOK30 target price.
- Niclas Gehin
Elkem (Hold, TP: NOK30.00) - Preparing to unlock values
Q4 EBITDA was cNOK1.2bn, in line with our estimate and consensus. The company proposed a DPS of NOK0.3 for 2024, which was above our forecast of NOK0 and consensus of NOK0.09. We have made minor adjustments to our 2025–2026e EPS, and are 6% above consensus for 2026e EPS. We reiterate our BUY and NOK30 target price.
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