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Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Terminating coverage

ABGSC ceases coverage of Arcus… …due to merger into Altia and de-listing of the share Last published estimates are shown in this report

03/21/22 March 21, 2022 1 EN
Daniel Thorsson ... (+5)
  • Daniel Thorsson
  • Karl Bokvist
  • Martin Kaland
  • Petter Nystrøm
  • Tobias Kaj
PREMIUM
AUSS Austevoll Seafo...
GRNG GRANGES AB ... (+5)

Talking Points - Skanska: Hidden values are part of the DNA

Arcus (Buy) Post-results: Heading for a record Q4e Divestment gain of ~SEK 7/share gives ATH EPS ’20e Pay-out ratio target implies SEK 8.7-15.2 in DPS

AUSS AUSTEVOLL SEAFOOD ASA
GRNG GRANGES AB
SKA B SKANSKA AB CLASS B
ARCUS ARCUS ASA
MIPS MIPS AB
11/10/20 November 10, 2020 6 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Heading for a record Q4e

COVID-19 effects boost sales, but GM a key surprise Q4 also set to be strong 2021 EBIT up 6.8% on higher GM; BUY, TP NOK 51 (47)

11/09/20 November 9, 2020 11 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Firing on all cylinders

Clean EBITDA 15% better: Higher sales and margins Wine the key driver with GM up over 4pp y-o-y Consensus 2021 numbers likely up ~5% (higher for 2020)

11/06/20 November 6, 2020 6 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Altia/ Arcus merger

Altia/ Arcus merger NPV of synergies ~15% of market cap Arcus to hold 46.5% of the combined company

09/29/20 September 29, 2020 5 EN
Aksel Øverland Engebakken ... (+9)
  • Aksel Øverland Engebakken
  • Bengt Jonassen
  • Benjamin Silverstone
  • Erik Moberg
  • Fredrik Ivarsson
  • Jannick Lindegaard Denholt
  • Mads Thinggaard
  • Petter Nystrøm
  • Rickard Anderkrans
PREMIUM
PHO PHOTOCURE ASA
JYSK JYSKE BANK A/S ... (+9)

Talking Points - Ambu (Hold): Time for a breather - down to HOLD

Better Collective (Buy) Preview: Outlook remains promising Share price up ~12% since the Q2 report Down to HOLD (Buy), new TP of DKK 228 (235)

PHO PHOTOCURE ASA
JYSK JYSKE BANK A/S
PNDORA PANDORA A/S
SBO SELVAAG BOLIG AS
ZAL ZALARIS ASA
COLO B COLOPLAST A/S CLASS B
ARCUS ARCUS ASA
AMBU B AMBU A/S CLASS B
BETCO BETTER COLLECTIVE A/S
08/19/20 August 19, 2020 5 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - H2’20 also set to be strong

Underlying EPS up 4-5% Price hikes and volume growth set to boost H2 earnings BUY: PE 12-13x, 4.5% dividend yield

08/18/20 August 18, 2020 11 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Price hikes and cost controll

Sales 0.7% below, clean EBITDA 13% better Solid set-up for continued strong profit growth in H2’20 Marginally positive underlying estm changes (1-2%)

08/18/20 August 18, 2020 5 EN
Anders Idborg ... (+7)
  • Anders Idborg
  • Casper Blom
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Olof Cederholm
  • Petter Nystrøm
  • Tobias Kaj
PREMIUM
TYRES Nokian Renkaat ...
VWS Vestas Wind Sys... ... (+8)

Talking Points - Bank Norwegian (Buy): Credit card lending book still ...

Lundbeck (Buy) Preview: All promising journeys have challenges Q2’20e PTP NOK 826m, boosted by LLP and trading TP up to NOK 79 (64) to reflect EPS chg./credit card book

TYRES NOKIAN RENKAAT OYJ
VWS VESTAS WIND SYSTEMS A/S
CTY1S CITYCON OYJ
FLS FLSMIDTH & CO. A/S
LUN H. LUNDBECK A/S
NOFI NORWEGIAN FINANS HOLDING ASA
COLO B COLOPLAST A/S CLASS B
ARCUS ARCUS ASA
08/05/20 August 5, 2020 5 EN
Petter Nystrøm
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Strong set of quarters coming up

Q2 EBIT lifted 15%, 2020 EBIT up 3% Price hikes and travel restriction likely to also boost Q3 BUY, TP up to NOK 47 (45); PE 13.2x, ~4-5% yield

08/04/20 August 4, 2020 11 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Heading for a sales boost

Q2’20: COVID-19 volume boost and price hikes H2’20 also likely to benefit from stronger sales growth EBIT ests. up ~20%, adj. P/E 13x; BUY, TP NOK 45 (36)

06/15/20 June 15, 2020 11 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - A beat!

Good sales momentum, lower costs EBITDA of NOK 67m vs us at 53 Estimates up 4-5% for 2020

04/29/20 April 29, 2020 5 EN
André Thormann ... (+4)
  • André Thormann
  • Petter Nystrøm
  • Rickard Anderkrans
  • Victor Forssell
PREMIUM
COLUM COLUMBUS A/S
ARCUS ARCUS ASA ... (+4)

Talking Points - Oil & Oil Services: Here we go again

BONESUPPORT (Buy) News-driven comment: Breakthrough long-term growth potential .. but time to BUY the “low-risk” names All other names to HOLD

COLUM COLUMBUS A/S
ARCUS ARCUS ASA
BONEX BONESUPPORT HOLDING AB
ARJO B ARJO B
03/25/20 March 25, 2020 5 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - FX knockdown

Weaker NOK hitting profitability, but sales less affected 2020e and 2021e EPS down 17% and 12%, respectively BUY reiterated, TP to NOK 36 (41) on lower estimates

03/24/20 March 24, 2020 11 EN
André Thormann ... (+6)
  • André Thormann
  • Benjamin Silverstone
  • Erik Moberg
  • Jan Erik Gjerland
  • Petter Nystrøm
  • Victor Forssell
PREMIUM
ALK B ALK-abello A/S ...
SIM SIMCORP A/S ... (+7)

Talking Points - ALK-Abello (Hold): Transformation strategy delivery c...

SimCorp (Sell) Preview of results: Top-end of revenue guidance seems tough Long-term growth case – still a small base Up to HOLD (Sell), TP DKK 1,700 (1,410)

ALK B ALK-ABELLO A/S CLASS B
SIM SIMCORP A/S
ARCUS ARCUS ASA
ARJO B ARJO B
BETS B BETSSON AB CLASS B
EVO EVOLUTION GAMING GROUP AB
BRAME BRABANK
01/28/20 January 28, 2020 5 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Gross margin headache

Expecting an uneventful Q4 ’20 EBIT down ~3% on lower GM for Spirits Valuation undemanding, ’20 PE 13.7x, BUY

01/27/20 January 27, 2020 11 EN
Free Trial
ARCUS ARCUS ASA

Arcus ASA: 1 director bought

A director at Arcus ASA bought 1,485,451 shares at 34.000NOK and 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 all the company's directors over the last two years clearly ...

11/29/19 November 29, 2019 1 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - ESG profile

From 2012 to 2016, Arcus achieved several environmental goals. These include reducing waste of wine from production by 40% and using 100% renewable energy for heating. In 2017, several new targets were introduced to reduce waste, energy usage and CO2 emissions (see ESG quantified targets in the table below). There are no women in the group management of Arcus ASA, but the management groups of the operational companies all have female members. ESG profile

11/20/19 November 20, 2019 2 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - 2020e: Earnings recovery

GM headwind: Real earnings recovery when FX stabilises Q4e: Easier comps for Spirits, small GM improvement PE ~13x, 5% dividend yield. BUY, TP NOK 41 (42)

11/07/19 November 7, 2019 12 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Petter Nystrøm
PREMIUM
ARCUS ARCUS ASA

Arcus - Spirits up, Wine down

Earnings growth for Spirits on higher sales Wine hit by FX & contract loss EPS down ~3%. BUY reiterated, TP NOK 42 (45)

10/29/19 October 29, 2019 12 EN
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