If H2 doesn’t step up, '27e won’t stack up

Limited changes post Q1

Consolidated in line weak from JV's

Good Q1e sales, but recent slow-down

Weak Q1, but strong momentum towards 2026

Veidekke (Hold, TP: NOK150.00) - Q1 was a supportive non-event

Q1 EBIT was NOK-43m, slightly below our forecast, with low seasonal profits due to winter effects in the asphalt operations. This is a seasonally insignificant quarter for the company due to the winter season, and, for context, we expect 2025 EBIT of NOK1.7bn. Order intake and backlog were the Q1 strong points. With the results and commentary supportive of our earnings forecasts, we have made minor estimate changes on the group level and reiterate our HOLD, but have cut our target price to NOK15...

Veidekke ASA: 1 director

A director at Veidekke ASA bought 2,200 shares at 147.000NOK and the significance rating of the trade was 68/100. 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 two years clearly ...

PTP below expectations offset by strong order intake

Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Haemophilia the highli...

Q1 sales beat our forecast by 5% and adj. EBITA outperformed by 8%. Overall, we believe the highlight in the report was the stronger haemophilia result than expected, with solid growth in Altuvoct and a smaller decline for Elocta than forecast. The weak spot was Vonjo sales, which missed our estimate by 28% and consensus by 29%, with management citing stocking issues. We reiterate our BUY and SEK365 target price.

Efficient execution

Q1'25: delivering on EBITA

Heads-up for report 29 April

Entering 2025 with a strong portfolio

Lion Copper And Gold Corp: 1 director

A director at Lion Copper And Gold Corp bought 233,910 shares at 0.120USD and the significance rating of the trade was 58/100. 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 two y...

Mixed upside potential, despite market recovery expectations

Pent-up demand and falling interest rates remain the backbone for newbuild recovery expectations. However, as the recovery has not yet started, property developers screen as the most attractive long-term, but visibility remains mixed. Diversified construction companies are more attractive on near-term P/Es, although many seem to be fully valued on solid share-price performance over the past six months. We maintain a neutral sector view; NCC and Skanska are our top picks.

Meagre Q1 ahead, but long-term case intact

Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Slightly below consens...

We forecast a decent quarter, despite some difficult revenue comparables, with no manufacturing revenues, lower Elocta sales and lower Beyfortus royalties YOY, unlikely to be fully compensated by new product growth, such as for Altuvoct. Meanwhile, the company continues to invest in its recently launched products (and coming launches), which should be well known by the market. We reiterate our BUY and SEK365 target price.

Selvaag Bolig (Sell, TP: NOK32.00) - Unit sales in line, EPS still tra...

Today’s Q1 trading update showed a unit sales recovery broadly in line with our forecast. However, while starts were above our forecast, our 2025e is unchanged at 700 units. Despite KPIs seemingly recovering as expected, we still see downside risk for the stock given the long lead time to profit and dividends and as the valuation looks high relative to peers. Ahead of the Q1 results (due at 07:00 CET on 21 May), we forecast marginally negative Q1 EPS on few deliveries. We reiterate our SELL and ...

Veidekke (Hold, TP: NOK160.00) - Seasonal low despite mild winter

Q1 is typically the low season for Veidekke on Nordic winter effects and a seasonal EBIT margin decline in the Infrastructure division (including asphalt). Despite the mild winter in the Nordics in Q1, we expect the positive impact to be limited as weather effects tend to affect Q4 more than Q1. We expect zero EPS for Q1. We reiterate our HOLD and NOK160 target price.

Sales as expected, deliveries above