reports
- Christoffer Wang Bjørnsen
Smartoptics (Buy, TP: NOK27.00) - We remain optimistic
Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.
- Niclas Gehin
Kongsberg Gruppen (Sell, TP: NOK1250.00) - Expectations are set too hi...
We have downgraded Kongsberg Gruppen to SELL (HOLD) and lowered our target price to NOK1,250 (1,450). We believe the 2025e P/E of 46x overstates its growth capabilities 1) on an absolute basis, in a scenario where all of NATO reaches defence spending of 3.3% of GDP; and 2) compared to other defence companies as, in our view, the market appears to miss that only 20% of its 2024 sales were from European defence spending.
- ABGSC Capital Goods Research
- Simon Brun
Mowi ASA (OSE:MOWI): Presentation of Q1 2025 results 14 May 2025 at 08...
Mowi ASA (OSE:MOWI): Presentation of Q1 2025 results 14 May 2025 at 08:00 (CET) Mowi ASA hereby invites you to the presentation of the results for the first quarter 2025 at Hotel Continental, Stortingsgaten 24/26, 0117 Oslo, Norway. The results will be presented in English through a live webcast followed by a Q&A session. Participants will have the opportunity to submit questions online throughout the webcast session. The webcast will be available on A recording of the webcast will be made available on our website immediately afterwards. Please note that the quarterly report and present...
- 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
- Christoffer Wang Bjørnsen
Smartoptics (Buy, TP: NOK30.00) - Expecting accelerated growth
Ahead of Smartoptics’ Q1 results, we continue to expect accelerating top-line momentum following a market recovery and market-share gains, with peers reporting the market is still on the right path. We have made minor estimate revisions due to updated incremental tariffs, headcount increases, and FX fluctuations: our 2025e EPS is 5% lower and 2026–2027e is 3–6% higher. We reiterate our BUY and NOK30 target price.
- 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
- 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 Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
Mowi ASA (OSE:MOWI): Q1 2025 Trading update
Mowi ASA (OSE:MOWI): Q1 2025 Trading update Harvest volumes Q1 2025 (1) Farming Norway62.0 thousand tonnesFarming Scotland17.5 thousand tonnesFarming Chile14.0 thousand tonnesFarming Canada5.0 thousand tonnesFarming Ireland2.5 thousand tonnesFarming Faroes4.0 thousand tonnesFarming Iceland (Arctic Fish)3.0 thousand tonnesTotal108.0 thousand tonnes In connection with the presentation of the Q4 2024 results, Mowi guided a total harvest volume of 108k GWT for Q1 2025 (96.5k GWT in Q1 2024). Note:(1) The harvest volumes are provided in gutted weight equivalents (GWT). Additional information ...
- Niclas Gehin
Kongsberg Gruppen (Hold, TP: NOK1450.00) - Less European exposure than...
We expect Q1 EBITDA of NOK2.2bn (results due at 07:00 CET on 8 May). Kongsberg Gruppen’s valuation premium to European defence peers has shrunk as peer multiples have converged on expectations of higher European defence spending. We believe this is warranted by its lower share of defence sales to EU countries. We continue to find the valuation demanding, while struggling to see negative share price catalysts. Hence, we reiterate our HOLD while we have raised our target price to NOK1,450 (1,300).
- 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 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
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
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