reports
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Solidifying leading position
Sampo has offered to acquire the remaining ~50% stake in Topdanmark, valuing the shares at a 2025e P/E of ~22x. The proposed transaction marks the final step in transforming Sampo from a conglomerate to a pure Nordic P&C company, with If P&C’s market share in Denmark set to increase from ~5% to ~20%, cementing it as the largest non-life company in the Nordics. We reiterate our BUY and EUR47 target price.
The era of biosolutions. Outlook upgraded for 2024
The era of biosolutions. Outlook upgraded for 2024 Novonesis is performing very well and the 2024 outlook for pro forma organic sales growth is now expected at the upper end of the 5-7% range while the pro forma adjusted EBITDA margin is increased to 35-36%. Novonesis’ Capital Markets Day on June 18, 2024 will provide an introduction to Novonesis with insights on how the company intends to capture and accelerate organic sales growth. Also, Novonesis maintains the target for organic sales growth at 6-8% CAGR through 2025 with an adjusted EBITDA margin of ~37% and reconfirms the ambition to ...
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
ECC B ECOCLIME GROUP AB
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
ARISE-SE ARISE
GREENH-DK GREEN HYDROGEN SYSTEMS
BIOGAS-SE BIOKRAFT INTERNATIONAL
Boozt AB: 3 directors
Three Directors at Boozt AB sold after exercising options/sold 87,537 shares at between 88.300DKK and 90.036DKK. 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 comp...
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
ECC B ECOCLIME GROUP AB
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
ARISE-SE ARISE
GREENH-DK GREEN HYDROGEN SYSTEMS
BIOGAS-SE BIOKRAFT INTERNATIONAL
Incentive programs for the Executive Leadership Team, the Senior Leade...
Incentive programs for the Executive Leadership Team, the Senior Leadership Team and directors, and other employees June 6, 2024Company announcement No. 20 Incentive program for the Executive Leadership Team 2024-2026 In line with previous year, a new long-term incentive program (LTI) for the Executive Leadership Team covering the performance period 2024-2026 has been established. The program complies with the Remuneration Policy for the Executive Management and the Board of Directors of Novonesis, as approved at Novonesis Annual Shareholders’ Meeting on April 30, 2024. The L...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
Trading by management and close relations of management
Trading by management and close relations of management In accordance with article 19 in Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and commission delegated regulation (EU) 1052/2016 of 8 March 2016, Novozymes A/S, part of Novonesis Group reports the following transactions under ISIN DK0060336014, Novonesis (Novozymes) B shares under the symbol NSIS B. Investor Relations Tobias Bjorklund Anders Enevoldsen Disa Tuominen Attachment
- ABGSC Small Cap Research
- Karl Bokvist
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
TDVOX TOBII DYNAVOX AB
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
2020-NO 2020 BULKERS LTD.
ACAST-SE ACAST
GREEN-SE GREEN LANDSCAPING GROUP
SECT.B-SE SECTRA
COOR-SE COOR SERVICE MANAGEMENT
HEM-SE HEMNET GROUP
Trading by management and close relations of management
Trading by management and close relations of management In accordance with article 19 in Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and commission delegated regulation (EU) 1052/2016 of 8 March 2016, Novozymes A/S, part of Novonesis Group reports the transactions under ISIN DK0060336014, Novonesis (Novozymes) B shares under the symbol NSIS B in the attached file. Investor Relations Tobias Bjorklund Anders Enevoldsen Disa Tuominen Attachment
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
AKH AKER HORIZONS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
Trading by management and close relations of management
Trading by management and close relations of management In accordance with article 19 in Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and commission delegated regulation (EU) 1052/2016 of 8 March 2016, Novozymes A/S, part of Novonesis Group reports the transactions under ISIN DK0060336014, Novonesis (Novozymes) B shares under the symbol NSIS B in the attached file. Investor Relations Tobias Bjorklund Anders Enevoldsen Disa Tuominen Attachment
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Solid start to the year
A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Focusing on underlying business
We have made limited estimate changes ahead of the Q1 results (due at 08:00 CET on 15 May), and believe Photocure is moving forward in areas within its control. YOY comparables are affected by Q1 2023 being the last quarter with flex sales in the US. Its partner, Asieris, has filed for marketing approval of Cevira in China; if accepted for review, we believe Photocure would be in line for another milestone payment in Q2. We reiterate our BUY and NOK87 target price.
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Set for capital release in H2
Despite the harsh winter weather, strong financials helped offset the soft underwriting result. Through continued repricing ahead of claims inflation, If P&C saw the underlying risk ratio improve 0.3%-points and local currency premium growth of 7.6% YOY. With the new solvency model approved, we continue to expect capital distributions in connection with the Q2 report. Based on ~2% positive EPS revisions for 2025–2026e, we reiterate our BUY and EUR47 target price.
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