reports
- Alexander Aukner
- Antti Kansanen
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Håkon Astrup
- Helge André Martinsen
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Arnell
- Mattias Holmberg
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
METSO NELES OYJ
EURN EURONAV NV
DNB DNB ASA
REZT RADISSON HOSPITALITY AB
SRBNK SPAREBANK 1 SR-BANK ASA
MEDIO MEDISTIM ASA
MOCORP METSO OUTOTEC OYJ
SHOT SCANDIC HOTELS GROUP
ATLAS ATLAS MENKUL KIYMETLER YATIRIM ORTAKLIGI
KLED KUNGSLEDEN AB
DNO DNO ASA CLASS A
BRG BORREGAARD
ASSAB ASSA ABLOY
GETIB GETINGE
KINDSDB KINDRED GROUP
FORTUM FORTUM
YIT YIT
maerskb A. P. MØLLER MÆRSK
KINVb KINNEVIK
LATOb LATOUR
KLOVb KLÖVERN
EVRY EVRY ASA
BIOA B BIOARCTIC AB
NAS NORWEGIAN AIR SHUTTLE
- Antti Kansanen
Fortum (Hold, TP: EUR19.00) - Achieved price surprised positively
Healthy power prices and strong heating demand easily offset rouble weakness in Q1. Power prices remain at good levels, supported by low hydropower reservoir levels and high fuel costs for coal-powered generation. Finnish reservoir levels compare favourably to the rest of the Nordics, which should benefit Fortum compared to its Nordic peers. We have raised our 2019e–2020e adjusted EBIT estimates by 3–4% on new hedging results and updated electricity forwards. We maintain our HOLD recommendat...
- Antti Kansanen
- Eivind Sars Veddeng
- Mattias Holmberg
- Ole-Andreas Krohn
- Simen Mortensen
- Antti Kansanen
Fortum (Hold, TP: EUR18.60) - Hydro-heavy Q1
Cold weather and high costs for coal-powered generation have driven Nordic power prices to levels not seen in four years. Hydro reservoir drawdown in Sweden and Finland indicates very strong volumes from Fortum’s hydro fleet in Q1e. Nordic reservoirs are now well below normal levels, suggesting further pricing support, but Fortum’s cautious hedging limits ASP upside for 2018e–2019e. We maintain our HOLD recommendation, with a EUR18.6 (18.8) target price ahead of the Q1 results due at 08:00...
- Alexander Aukner
- Antti Kansanen
- Christer Magnergård
- Eivind Sars Veddeng
- Håkon Astrup
- Helge André Martinsen
- Jon Masdal
- Marius Knudssøn
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Stefan Gauffin
DANSKE DANSKE BANK A/S
METSO NELES OYJ
TYRES NOKIAN RENKAAT OYJ
PGS PGS ASA
ORI SDB ORIFLAME HOLDING AG
LSG LEROY SEAFOOD GROUP ASA
MOCORP METSO OUTOTEC OYJ
SALM SALMAR ASA
NAS NORWEGIAN AIR SHUTTLE ASA
NRS NORWAY ROYAL SALMON ASA
BRG BORREGAARD
HUSQb HUSQVARNA
HPOLB HEXPOL
FORTUM FORTUM
TEL2b TELE2
RDC ROWAN COMPANIES PLC
- Antti Kansanen
Fortum (Hold, TP: EUR18.80) - Lack of short-term triggers
Q4 adjusted EBIT was 3% above consensus driven by solid achieved wholesale power prices and a favourable generation mix. The proposed EUR1.10 DPS was in line with consensus and our forecast, but we see the continued high capex spending raising the risk of a dividend cut in 2018–2020e. We have lowered our target price to EUR18.8 (19.8) and downgraded the stock to HOLD (BUY). We see a lack of short-term share price catalysts, as the Uniper deal is all but finalised, and the dividend outlook has ...
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