reports
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
Interim Report Q1 2025: Growth challenged by market uncertainty – proa...
Interim Report Q1 2025: Growth challenged by market uncertainty – proactive cost mitigation initiated to support long-term margins Highlights The Hearing division delivered -1% organic revenue growth driven by a strong initial uptake of ReSound Vivia, but off-set by a challenged U.S. market as well as some slowdown of existing products in anticipation of ReSound Vivia. The strong uptake of ReSound Vivia has continued into April, lending support for expected market share gains. As a consequence of the launch initiatives and the challenged U.S. market, the divisional profit margin ended at 2...
Guidance updated: Impact from and mitigation to navigate the global tr...
Guidance updated: Impact from and mitigation to navigate the global trade environment Following the recent announcements by the U.S. administration regarding tariffs, GN now takes further actions to counter the negative direct and indirect effects from the increased tariff levels. With the actions, GN is capable of mitigating the majority of the assumed tariff impact on the EBITA margin in 2025 as well as protecting its mid-term earnings growth. The development in tariffs and its impact on our markets makes our environment more uncertain than normal. As a base assumption for our revised...
- Alexander Aukner
- Jørgen Lian
Frontline (Buy, TP: NOK280.00) - Front-row ticket to tanker potential
We believe the tanker fundamentals continue to look attractive, in particular for the VLCCs, with a highly manageable ~4% deliveries expected for 2025–2026. Further, we see potential positive catalysts in sanctions further restricting volumes transported on the dark fleet (possibly triggering scrapping postponed by shadow fleet deployment) and signs of a more aggressive volume strategy from OPEC+. Hence, we reiterate our BUY but have reduced out target price to NOK280 (295).
- ABGSC Healthcare Research
- Morten Larsen
- Rune Majlund Dahl
GN Group (Buy, TP: DKK200.00) - Set for a soft start to the year
We forecast Q1 organic sales growth of 1.7% YOY and an EBITA margin of 11.9%. We see strong traction for ReSound Vivia, but the weak US hearing aid market may weigh on results. For Enterprise, we expect sequential improvement, though Q1 has the toughest YOY comparable in 2025. We expect unchanged guidance, but find the lower end more likely. We reiterate our BUY, but have cut our target price to DKK200 (230).
- 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
SalMar (Buy, TP: NOK650.00) - Minor model adjustments
We have updated our estimates for the volumes in the recent Q1 trading update and a back-end-loaded harvest profile in the quarter, with a higher share of downgrades. We expect operating EBIT of NOK997m for the quarter, c16% below consensus of NOK1,188m. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK650 target price. The full Q1 report is due at 06:30 CET on 20 May.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
- 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).
SalMar - Merger with Wilsgård AS and resolution to increase the share ...
SalMar - Merger with Wilsgård AS and resolution to increase the share capital Frøya, 22 April 2025 SalMar ASA (“SalMar”) refers to the stock exchange notice published on 18 February 2025 regarding SalMar and Wilsgård Sea Service AS’s intention to develop the ownership in Wilsgård AS (“Wilsgård”), including through a consolidation with the SalMar group. The boards of Wilsgård, SalMar Farming AS, a wholly-owned subsidiary of SalMar, (“SalMar Farming”) and SalMar have today approved a merger plan for a triangular merger pursuant to Chapter 13 of the Norwegian Public Limited Liability Compani...
SalMar - Fusjon med Wilsgård AS og beslutning om kapitalforhøyelse
SalMar - Fusjon med Wilsgård AS og beslutning om kapitalforhøyelse Frøya, 22. april 2025 SalMar ASA ("SalMar") viser til børsmelding publisert 18. februar 2025 vedrørende SalMar og Wilsgård Sea Service AS sin intensjon om å utvikle eierskapet i Wilsgård AS ("Wilsgård"), herunder ved en konsolidering med SalMar-konsernet. Styrene i Wilsgård, SalMar Farming AS, et heleid datterselskap av SalMar, ("SalMar Farming") og SalMar har i dag godkjent en fusjonsplan for en trekantfusjon i henhold til kapittel 13 i allmennaksjeloven, med SalMar Farming som overtakende selskap, Wilsgård som overdragen...
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- ABGSC Seafood Research
- Martin Kaland
- Simon Brun
SalMar - Integrated annual report 2024
SalMar - Integrated annual report 2024 With reference to the stock exchange notice regarding board approval of final 2024 year-end financial statement on Wednesday 9 April 2025. Please find attached the 2024 integrated Annual report, including sustainability reporting in accordance with CSRD, for SalMar ASA. The company publishes its annual financial statements also in European Single Electronic Format (ESEF), available as an attachment to this release. On SalMar's website, the remuneration report is also published. For more information, please contact:Håkon Husby, Head of Investor Relat...
SalMar - Integrert årsrapport 2024
SalMar - Integrert årsrapport 2024 Med henvisning til børsmelding vedrørende styrebehandling av endelig årsregnskap for 2024 onsdag 9. april 2025. Vedlagt følger SalMar ASA sin integrerte årsrapport, inkludert bærekraftsrapportering iht. CSRD, for 2024. Selskapet publiserer også regnskapet på European Single Electronic Format (ESEF), som er vedlagt denne meldingen. På hjemmesiden til SalMar er også lederlønnsrapport for 2024 publisert. For mer informasjon, kontakt:Håkon Husby, IR-ansvarligTel: +47 936 30 449 Email: Vedlegg ...
SalMar - Key information relating to the cash dividend paid by SalMar ...
SalMar - Key information relating to the cash dividend paid by SalMar ASA Dividend amount: 22.0 per shareDeclared currency: NOK Last day including right: 18.06.2025Ex-date: 19.06.2025Record date: 20.06.2025Payment date: On or about 02.07.2025Date of approval: 18.06.2025 For more information, please contact:Håkon Husby, Head of Investor RelationsTel: +47 936 30 449 Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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