This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...
>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...
Ultimovacs ASA: Invitation to first quarter 2024 results webcast presentation Oslo, April 30, 2024: Ultimovacs ASA (“Ultimovacs”) (OSE ULTI), a clinical-stage biotechnology company developing immunotherapeutic cancer vaccines, invites to a webcast presentation of its first quarter 2024 results on Tuesday, May 7, 2024. The presentation can be followed as a live webcast accessed through a link on at 14:00 CET on Tuesday, May 7, 2024, and is scheduled to conclude at 14:55 CET. The webcast presentation will be available on the Ultimovacs website, and it will be possible to post questions duri...
The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
Q1 reporting season kicked off this week, with results from Nyfosa, Entra, Wallenstam, Fabege, KMC Properties, Pandox, and Catena. In other news, Public Property Invest is to be listed on the Oslo stock exchange on 29 April. The weighted-average implied EBITDA yields on the stocks we cover are 4.75% for 2024e and 5.04% for 2025e.
Q1 was mixed, with momentum still improving in Finland and Humana returning to acquisition mode, targeting Team Olivia (TO) Norway. While we find the deal value-enhancing, Humana’s relatively high financial gearing would suggest a deleveraging focus near-term, and the departure of CEO Johanna Rastad has added uncertainty at the wrong time. We reiterate our HOLD, but have raised our target price to SEK30 (27) on higher forecasts.
Ultimovacs Announces Poster Presentation at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting NON-REGULATORY PRESS RELEASE Oslo, April 24, 2024: Ultimovacs ASA (“Ultimovacs”) (OSE ULTI), a clinical-stage biotechnology company developing immunotherapeutic cancer vaccines, today announces that the data from the Phase II clinical trial INITIUM (), will be presented in a poster session at the 2024 ASCO Annual Meeting, taking place May 31 – June 4, 2024, in Chicago, IL & Online. INITIUM is an Ultimovacs-sponsored randomized, comparative, multi...
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. In other news, KMC Properties bought a new asset and appointed an interim CEO, JM got a new CEO, while Castellum announced a divestment and new leases, and Atrium Ljungberg kicked off Q1 reporting season. The weighted-average implied EBITDA yields on the stocks we cover are 4.74% for 2024e and 5.01% for 2...
Ultimovacs ASA – Annual General Meeting held on April 18, 2024 Oslo, April 18, 2023: Ultimovacs ASA held its annual general meeting today April 18, 2024. All the matters on the agenda were approved. The following board members were re-elected for a period of one year, and the Board of Directors will consist of the following persons: Jónas Einarsson, Chair of the BoardHenrik Schüssler, board member Kari Grønås, board member Ketil Fjerdingen, deputy board member The Nomination Committee will consist of the following persons until the Annual General Meeting in 2025: Ole Kristian Hjelstue...
Despite the recent setback with the INITIUM trial (first-line treatment of patients with unresectable or metastatic malignant melanoma), Ultimovacs has reinstated its commitment to press on with its clinical development of its cancer vaccine, UV1, across other target indications. The principal near-term focus will be on the anticipated results of Phase II FOCUS (head and neck cancer) and DOVACC (ovarian cancer) trials in Q324 and H125, respectively, and will inform its subsequent strategic direc...
Ultimovacs Implements Operational Adjustments to Support Continuous Advancement of the UV1 Vaccine Phase II Program Due to the broad diversity in the UV1 Phase II program and the encouraging results from previous UV1 trials, Ultimovacs remain confident in UV1’s potential and are strongly committed to bringing the company across the next important data points: The readout from FOCUS in Q3 2024 and DOVACC results in H1 2025Activity level adjustments and operational prioritization are implemented to sustain the financial runway, including a workforce reduction of approximately 40% Th...
Ultimovacs ASA – Disclosure of voting rights of Annual General Meeting Oslo, April 15, 2024: In connection with the Annual General Meeting of Ultimovacs ASA to be held on April 18, 2024, Jónas Einarsson, Chair of the Board of Directors, has so far received proxy based voting rights without voting instructions for 9,063,854 shares, representing 26.34% of the total voting rights in the company. The proxies are only valid for the Annual General Meeting on April 18, 2024. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading A...
We maintain a neutral sector stance, but see near-term setbacks and consider risks tilted to the downside near-term due to strong sector performance in the past month, while market interest rates have risen. We expect two years of zero NAV growth, on average, due to yield expansion, and the sector theme to be deleveraging, with limited capex. We see few potential company-specific catalysts, leaving share prices largely driven by macro factors. We consider the sector fully valued near-term, at an...
Ultimovacs – Invitation to Business Update on April 17, 2024 NON-REGULATORY PRESS RELEASE Oslo, April 9, 2024: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), Ultimovacs ASA (“Ultimovacs”) (OSE ULTI), a clinical-stage biotechnology company developing immunotherapeutic cancer vaccines, today announced that the company will host a webcast on April 17, 2024, at 11:00. Ultimovacs’ management will provide a company update emphasizing recent developments and the future potential within the clinical program. The presentation will be followed by a Q&A session. Date: Wednesday, April 17...
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