Operational quality not reflected in the share

Q1: PTP NOK 25m vs. consensus NOK -14m. Loss-making revenue in the backlog the lowest in 9 years. DPS = EPS = 8-9% dividend yield. BUY.

Sandvik AB: 3 directors

Three Directors at Sandvik AB sold/bought 92,288 shares at between 225.100SEK and 229.500SEK. The significance rating of the trade was 86/100. 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 ove...

In line adjusted for EO

Better than expected and improvement y-o-y

Bravida (Buy, TP: SEK97.00) - Quality discount an opportunity

Bravida’s Q1 was mixed, with EBIT down 21% YOY, but still-solid order intake and FCF generation. While the Region Skåne governance failure seems to have been handled properly, we believe Bravida needs to rebuild its quality brand name. We still see a normalisation of the current valuation discount, and reiterate our BUY and SEK97 target price.

Peab (Sell, TP: SEK60.00) - Q1 beat, but still needs to divest

Despite the low season, Q1 beat our estimates, driven by a commercial asset sale in Property Development (PD), while the deviations to our forecasts were less for the other segments. However, with a high level of capital employed in PD and an IFRS net debt/EBIT of c8x, we believe more focus is needed on capital releases and deleveraging. We have raised our 2024e EPS by c16% (transaction-driven) on the strong Q1, but marginally revised 2025–2026e. We reiterate our SELL on the still-high leverage ...

Copper is golden - Sandvik up to BUY

Copper and gold rally will turn order growth around in H2. Also secular drivers benefiting both Epiroc and Sandvik. Sandvik has highest value upside - up to BUY.

To catch up with improving fundamentals

Increasing Mining optimism after copper, gold rally. Adj. EBITA'24e-26e +2-3%. Upgrade to BUY (Hold)

Record-high order intake

Ncc (Buy, TP: SEK150.00) - Q1 in line with our expectations

Q1 is low season for NCC, but we believe the EBIT miss versus Infront consensus was likely due to some consensus participants overlooking the early Easter effect. With the Q1 results broadly in line with our estimates, we have made only minor forecast changes, and reiterate our BUY and SEK150 target price.

Weak April ACT doesn't change H2 improvement scenario

Miss in seasonally slow quarter

Q1 trends, estimates, valuation and top picks

The Q1 reports proved that sector companies could maintain record-high margins despite volume declines.

Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. 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 year...

Improving market - BUY the leader

EBIT down 4-1%. Uptick in sold units to continue in Q2'24e. Housing market rebound in the making - BUY

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

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...

Storebrand (Buy, TP: NOK125.00) - Signs of gradual improvement

Q1 PTP was up 30% YOY, largely driven by strong AUM growth and increased interest rates. The Insurance segment showed signs of improvement after several rounds of repricing in previous quarters, supporting the 2025 financial targets. Following regulatory approval and a 191% Solvency II ratio, Storebrand launched a NOK1.1bn buyback programme. We reiterate our BUY and have raised our target price to NOK125 (120) following ~4% positive EPS revisions for 2025e.

JM AB: 2 directors

Two Directors at JM AB bought/maiden bought 1,550 shares at between 183.170SEK and 184.000SEK. 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 ov...