reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Olof Cederholm
- Niclas Gehin
Borregaard (Buy, TP: NOK200.00) - Q1 met expectations
The Q1 results were in line with expectations. While the BioSolutions segment beat our forecast due to higher volumes and prices, the Fine Chemicals segment saw lower deliveries than expected. We expect some of these volumes to revert and boost the Q2 result in Fine Chemicals. The BioMaterials segment was somewhat below our forecast, after a majority of the price negotiations for 2024 have been finalised. Demand appears to be rather strong for specialty cellulose and we thus see upside potential...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- Niclas Gehin
Norsk Hydro (Sell, TP: NOK50.00) - Q1 slightly on the soft side
Q1 EBITDA was c2% below consensus, with a somewhat soft mix, as Extrusions and Aluminium Metal, the two largest segments, were below forecasts. We have increased our 2024e EPS by 7% on the USD2,600/t spot aluminium price, and 2025–2026e by 2% on the Q1 results. We are 30% below consensus 2025e EBITDA; we do not see enough demand to raise aluminium prices above the marginal producer’s cost, as the price appreciation in recent weeks suggests. We still expect aluminium prices to decline with lower ...
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
Scatec signs PPA with Statkraft for new 142 MW solar plant in Brazil
Scatec signs PPA with Statkraft for new 142 MW solar plant in Brazil Oslo, 24 April 2024: Scatec ASA, a leading renewable energy solutions provider, signed a 10-year power purchase agreement (PPA) with Statkraft Energia do Brasil Ltda in Brazil, for a 142 megawatt (MW) solar plant in Minas Gerais, in Brazil. The BRL-denominated PPA covers about 75% of the expected power produced, while the remainder is expected to be sold under short, medium, and long-term term contracts (PPAs). The project’s estimated equity return exceeds Scatec’s hurdle rate of 1.2x the project’s cost of equity. ...
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
Borregaard ASA: EBITDA1 of NOK 442 million in the 1st quarter
Borregaard ASA: EBITDA1 of NOK 442 million in the 1st quarter Borregaard’s operating revenues reached NOK 1,975 million (NOK 1,850 million)2 in the 1st quarter of 2024. EBITDA1 increased to NOK 442 million (NOK 435 million). The result in BioSolutions increased while results in BioMaterials and Fine Chemicals were lower compared with the 1st quarter of 2023. The result in BioSolutions increased due to higher sales volume and reduced energy costs. In BioMaterials, higher sales volume was more than offset by lower sales prices and higher wood costs. Fine Chemicals had a lower result due to l...
Volvo AB: 2 directors
Two Directors at Volvo AB sold/bought 3,450 shares at between 275.000SEK and 279.800SEK. The significance rating of the trade was 50/100. 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...
- 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
Scatec ASA - Minutes of Annual General Meeting
Scatec ASA - Minutes of Annual General Meeting Oslo, 18 April 2024: Scatec ASA held its Annual General Meeting today at 10:00 CEST. A total of 113,063,920 shares, representing 71.15% of the share capital was represented at the General Meeting. All proposals were resolved as presented in the notice convening the General Meeting distributed on 26 March 2024 and as further set out in the minutes from the General Meeting attached hereto. For further information, please contact:Andreas Austrell, VP Investor Relations, About Scatec Scatec is a leading renewable energy solutions provid...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Anthony Dick
- Michael Foundoukidis
Volvo AB : Sound management, but unfavourable exposure to construction...
>A solid Q1 but which confirms the normalisation in construction equipment - Yesterday morning, Volvo published a solid set of Q1 results (first take here), beating the consensus (+7% for EBIT), but in line with our estimates. Despite facing a slowdown in its underlying markets (trucks, construction equipment), embedded price effects and strict cost control enabled Volvo to post broadly stable EBIT and margins over the quarter (EBIT SEK 18.2bn, -1% y-o-y, operating m...
- Anthony Dick
- Michael Foundoukidis
Volvo AB : Gestion solide, mais une exposition Equipement de Construct...
>Un T1 solide mais qui confirme la normalisation dans l’équipement de construction - Volvo a publié hier matin des résultats T1 solides (first take ici), supérieurs aux attentes du consensus (+7% au niveau de l’EBIT), mais en ligne avec nos propres estimations. Si le groupe fait face au ralentissement de la plupart de ses marchés sous-jacents (poids lourd, construction), l’effet embarqué sur les prix et le contrôle des coûts lui ont permis d’afficher un EBIT et des m...
- Mattias Holmberg
Volvo (Buy, TP: SEK340.00) - Beat in softer markets
The Q1 report supported our view that underlying profitability has improved structurally (now also evident in a weaker market), and that consensus will have to come up as 2024 progresses. We reiterate our BUY and have increased our target price to SEK340 (335), having raised our 2024–2026e adj. EBIT by 7–4% – we are now 8–10% above consensus.
H & M Hennes & Mauritz AB: 1 director
A director at H & M Hennes & Mauritz AB bought 1,700,000 shares at 166.391SEK and the significance rating of the trade was 67/100. 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 t...
- Salome Charamalet
- Stefano Toffano
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