reports
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Metals & Mining Research
- Adrian Gilani
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Consumer Goods Research
- Daniel Thorsson
- Simon Granath
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- Simen Mortensen
Skanska (Buy, TP: SEK255.00) - Volatile miss in Q1
Q1 EBIT missed, as the Residential and Commercial Development divisions had weaker-than-expected results. We have reduced our recovery expectations for these segments due to continued softness in Nordic housing sales and a slow recovery in US commercial property development. However, we still see upside potential in our SOTP-based valuation and reiterate our BUY. Nevertheless, based on our lowered forecasts, we have reduced our target price to SEK255 (270).
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- Alexander Aukner
- ABGSC Capital Goods Research
- Adrian Gilani
- Karl Bokvist
- Alexander Aukner
LSG LEROY SEAFOOD GROUP ASA
AUSS AUSTEVOLL SEAFOOD ASA
AKVA AKVA GROUP ASA
SALM SALMAR ASA
GSF GRIEG SEAFOOD ASA
MOWI MOWI ASA
BAKKA BAKKAFROST P/F
SALMOCAM SALMONES CAMANCHACA SA
IFISH ICE FISH FARM AS
ASA ATLANTIC SAPPHIRE
SALME SALMON EVOLUTION HOLDING
KING THE KINGFISH COMPANY NV
AKBM AKER BIOMARINE
ISLAX ARNARLAX AS
AFISH ARCTIC FISH HOLDING AS
MAS MÅSØVAL
- ABGSC Capital Goods Research
- Adrian Gilani
- Karl Bokvist
- ABGSC Consumer Goods Research
- Daniel Thorsson
- Simon Granath
- ABGSC Consumer Goods Research
- Daniel Thorsson
- Simon Granath
- Alexander Aukner
- Alexander Aukner
Time to revisit
The unfolding trade war has led us to cut our global 2025–2027e demand and trim our spot price estimates. The negative price effect is partly countered by reduced mortality boosting volumes and lowering costs, leading to net EPS cuts of 11–2%. Given the sector’s solid track record in adapting to past crises and recent share-price declines, we see a significantly improved risk/reward and have a positive stance on the sector. We have upgraded Mowi, Bakkafrost, and Grieg Seafood to BUY (HOLD).
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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