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
- Nicolay Dyvik
Wallenius Wilhelmsen Logistics (Hold, TP: NOK46.00) - Civil claims to ...
We reiterate our HOLD recommendation, while we have cut our target price to NOK46 (down from NOK65). When the stock market has no visibility on next quarter’s earnings, we argue a mid-cycle valuation (USD680m EBITDA for Ocean) is premature. We fear civil antitrust claims would result in lower freight rates.
- Christer Magnergård
- Eivind Sars Veddeng
- Frank Maaø
- Helge André Martinsen
- Jesper Ingildsen
- Jon Masdal
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Niclas Gehin
- Nicolas McBeath
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Stefan Gauffin
KNEBV KONE OYJ CLASS B
NHY NORSK HYDRO ASA
TEL TELENOR ASA
NOVA NOVO NORDISK A/S ADS
S0QA SCORPIO TANKERS INC.
STB STOREBRAND ASA
XXL XXL ASA
NCC B NCC AB CLASS B
TREL B TRELLEBORG AB CLASS B
SOC SUBSEA 7 S.A.
DDASA DOLPHIN DRILLING ASA
AFG AF GRUPPEN ASA
WIHLBORGS FASTIGHETER AB
ORK ORKLA ASA
GJF GJENSIDIGE FORSIKRING ASA
ALIG ALIMAK GROUP AB
NZYMB NOVOZYMES
SHB SVENSKA HANDELSBANKEN
BETSB BETSSON
VOLVB VOLVO
NDA NORDEA
ALKb ALK-ABELLO
WWL WALLENIUS WILHELMSEN LOGISTICS
ATCOA ATLAS COPCO
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
- Nicolay Dyvik
Wallenius Wilhelmsen Logistics (Hold, TP: NOK65.00) - Unfavourable Q1 ...
We reiterate our HOLD recommendation and NOK65 target price and we see unfavourable risk/reward ahead of Q1 with our net profit forecast being 30% below consensus. Caterpillar reported strong mining sales, but there are other headwinds, which consensus does not fully reflect, in our view.
- Nicolay Dyvik
At bottom or early recovery
Takeaways from DNB Markets’ 11th Oil, Offshore and Shipping conference following panel debates in Tankers, Dry bulk, LNG and LPG. Scrapping is viewed as important for freight improvements, but like “putting down the family dogâ€. We are either at the bottom or early recovery, according to the panellists.
TK4 TSAKOS ENERGY NAVIGATION LTD.
GLOG GASLOG LTD.
EURN EURONAV NV
DHT DHT HOLDINGS INC.
S0QA SCORPIO TANKERS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
KNOP KNOT OFFSHORE PARTNERS
DSX DIANA SHIPPING INC.
GMLP GOLAR LNG PARTNERS LP
3TKA TEEKAY TANKERS
ODF ODFJELL ASA
WWI WILHELM WILHELMSEN HOLDING
FRO FRONTLINE LTD.
TANKER INVESTMENTS
G2O GOLAR LNG LIMITED
SN6 STOLT-NIELSEN LTD.
HLNG HOEGH LNG AS
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
DNORD D/S NORDEN
WWL WALLENIUS WILHELMSEN LOGISTICS
maerskb A. P. MØLLER MÆRSK
EPIC EPIC GAS
GOGLOLD GOLDEN OCEAN NO
ALNG AWILCO LNG
FRNT FRONTLINE 2012
AURLPG AURORA LPG
EIGHT NAVIG8 PRODUCT TANKERS
- Martin Huseby Karlsen
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Nicolay Dyvik
Wallenius Wilhelmsen Logistics (Hold, TP: NOK65.00) - President Trump ...
President Trump tweeted on 3 March about a potential “tax on European cars which freely pour into the USâ€. If this were to happen, we believe it would be a significant negative for Wallenius Wilhelmsen Logistics (WWL), as the company’s shipments from the EU to North America account for 18% of its volumes. We downgraded WWL to HOLD on 19 February, after its Q4 results, believing that the “risks are skewed towards the downsideâ€.
- Eivind Sars Veddeng
- Jon Masdal
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Niclas Gehin
- Nicolay Dyvik
- Ole-Andreas Krohn
- Nicolay Dyvik
Wallenius Wilhelmsen Logistics (Hold, TP: NOK65.00) - Down to HOLD, af...
After five years with a BUY recommendation, we have downgraded to HOLD and lowered our target price to NOK65 (NOK67), as we believe the potential risks are skewed towards the downside and we are 12% below Bloomberg consensus 2018–2019 EBITDA. Consensus implies broadly flat EBITDA QOQ for Q1 2018, which we find unlikely.
- Nicolay Dyvik
Board has yet to decide
We reiterate our view from our Q2 update that multiples expansion is what would continue to drive the stock higher as earnings growth could take time to build. Our main take from the CMD is that WWL would like to grow in Landbased, but the board has yet to decide where and how to invest. Higher investment in Landbased would make us believe that dividends could end up at the lower end of the range. The auto segment was not mentioned in much detail, apart from illustrating the numerous uncertainti...
- Nicolay Dyvik
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