reports
- Nicolas McBeath
Lower rates to drive higher multiples
We expect Q3 to see an accelerated NII decline and profitability pressure driven by central bank rate cuts. However, we still see attractive return potential in the sector, underpinned by high total sector yields of >10% in 2024–2026e and likely multiples expansion from a currently depressed sector P/E of c8.5x. We prefer the banks with more resilient profitability trends and the strongest capital distribution outlooks. On this basis, Nordea and Handelsbanken remain our top sector picks.
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- Mattias Holmberg
Sandvik (Buy, TP: SEK270.00) - Short cycle waning, mining robust
We are 2% below post-Q2 consensus on Q3 orders and sales, but 4% below on adj. EBITA. We expect comments on demand to remain solid for Mining and soft for Infrastructure, while short-cycle weakness has affected SMM. Early trading comments for daily order intake in SMM for the first few weeks of Q4 are likely to indicate it has been stable QOQ, implying no improvement. We have cut our 2024–2026e adj. EBITA by 2–3% (mostly on FX), but reiterate our BUY and SEK270 target price.
Program for the publication of Yara International ASA third quarter re...
Program for the publication of Yara International ASA third quarter results 2024 Yara International ASA third quarter 2024 results will be published on Friday, 25 October 2024 at 08:00 CEST. You can follow the third-quarter results presentation online at 12:00 CEST. The presentation will be held in English. The report, presentation and webcast will be available at the above mentioned times at There will also be a conference call at 13:00 CEST the same day with an opportunity to ask questions to Yara’s management. Please use the link to register for this session: Registered con...
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Capital Goods Research
- Anders Idborg
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Niclas Gehin
Yara (Buy, TP: NOK425.00) - Potential upside from nat-gas and capex
We reiterate our BUY and NOK425 target price, as we believe Yara’s record-low share price of USD30 can be bolstered by: 1) further comments suggesting capex reductions, or 2) changes to EU natural gas prices over the winter. We see both scenarios as likely following recent capex comments from management and the high inherent volatility in EU natural gas prices over the winter months. We expect Yara to report a Q3 EBITDA of USD472m as the result should rise by cUSD~100m YOY. We have changed our E...
- ABGSC Strategy Research
- Bengt Jonassen
- ABGSC Healthcare Research
- Philip Ekengren
- Sten Gustafsson
Borregaard ASA: New supply contract for electric power with Hafslund
Borregaard ASA: New supply contract for electric power with Hafslund Borregaard and the Norwegian hydropower producer Hafslund have entered into a new long-term power purchase agreement, for the period 2025 to 2034. The annual contract volume is 88 GWh, representing 10–15% of the Sarpsborg site’s annual consumption. Sarpsborg, 20 September 2024 Contact:Knut-Harald Bakke, Director Investor Relations, +47 905 79 164 This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
Borregaard ASA: Borregaard’s Capital Markets Day – The dawn of special...
Borregaard ASA: Borregaard’s Capital Markets Day – The dawn of specialisation Borregaard’s Capital Markets Day (CMD) will take place today at Oslo Concert Hall, starting at 09:00 and ending at 12:30 CEST. The event can be followed via webcast (). The written material supporting the presentations is enclosed. Key highlights - Borregaard CMD 2024: The specialisation journey continuesBioSolutions – diversified portfolio attractively positioned for growthBioMaterials – focus on regulated applications in tightening marketsOrganic growth – top priority with market-driven innovation portfoli...
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