reports
- Alexander Aukner
- Antti Kansanen
- Eivind Sars Veddeng
- Håkon Astrup
- Jon Masdal
- Karl-Johan Bonnevier
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
DHT DHT HOLDINGS INC.
S0QA SCORPIO TANKERS INC.
TYRES NOKIAN RENKAAT OYJ
LUN H. LUNDBECK A/S
SPOG SPAREBANKEN OST ASA
HEX HEXAGON COMPOSITES ASA
NONG SPAREBANK 1 NORD-NORGE
MOWI MOWI ASA
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
NRS NORWAY ROYAL SALMON ASA
SBANK SBANKEN
TEC TECHNIPFMC PLC
TRVX TARGOVAX AS
SKA SKANSKA
SAMPO SAMPO OYJ
MMGRB MOMENTUM GROUP
WWL WALLENIUS WILHELMSEN LOGISTICS
ELK ELKEM ASA
- Simen Mortensen
Skanska (Hold, TP: SEK173.00) - Accounting effects weigh on Q1
Q1 typically marks the seasonal low in construction, but this quarter’s results reflected another project write-down in Construction Europe in Poland, the slowdown in Nordic residential markets hitting profits faster than we expected (weak home sales figures indicate downside risk to consensus), and two negative accounting effects. We reiterate our HOLD but have lowered our estimates, and trimmed our target price to SEK173 (174).
- Simen Mortensen
- Christoffer Wang Bjørnsen
- Håkon Astrup
- Jon Masdal
- Karl-Johan Bonnevier
- Mattias Holmberg
- Niclas Gehin
- Nicolay Dyvik
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Simen Mortensen
Skanska (Hold, TP: SEK174.00) - Strong CD compensates negatives
We expect a Q1 beat after strong sales in Commercial development (CD), despite a handful of negatives. We have also recalculated our long-term CD estimates, and raised our forecasts. Lowered administrative costs and FX effects also lifted our forecasts. We keep our HOLD, but have adjusted our target price to SEK174 (176). Results are due at c07:30 CET on 9 May.
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Simen Mortensen
Skanska (Hold, TP: SEK176.00) - Few signs of improvement
Following the profit warning, expectations were low. Q4 EBIT beat expectations, but was low in nominal terms. The new CEO repeated that profitability performance is too low, but beyond scaling down some non-profitable segments gave few direct measures on how to improve operations. With Q1 as a low season, we see few near-term triggers, and with weakening Norwegian and Swedish residential markets, we expect no EPS growth. We repeat HOLD and our SEK176 target price.
- Simen Mortensen
- Simen Mortensen
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