Boosted by the tax benefit of customer dividends, strong trading income and low loan losses, SOR reported a Q1 ROE of 14.4%. Despite some pressure on deposit margins from high levels, NII rose 1.1% QOQ, helped by improved lending margins and solid corporate growth. Driven by the latter and a raised ownership share in Brage, the CET1 ratio fell by ~20bp QOQ to 16.6% (requirement including P2G reduced to 15.9%). At a 2025e P/E of ~8.6x, we find the valuation undemanding and reiterate our BUY and N...
With the start of the Q1 reporting season for Offshore Drilling, we sense increased investor attention on the risk to consensus. Although we like the investment case for its valuation in the out-years (2026), our estimates remain below consensus. We see potential for share price volatility as near-term consensus is revised lower, while investors gradually underwrite 2026 valuations. We also believe the gaps between contracts and increased idle-time risk for tier-2 deepwater rigs are not properly...
Q1 earnings missed consensus by 13%, reflecting a weak start to spring/summer sales; however, Boozt reiterated its full-year revenue and EBIT margin guidance. That said, uncertainty is still high (reflected in the wide guidance range), with Nordic consumer confidence still subdued. We reiterate our HOLD but have cut our target price to SEK135 (140) on our lower estimates.
Two Directors at SSAB AB bought 15,813 shares at between 60.100SEK and 61.060SEK. The significance rating of the trade was 70/100. 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 t...
Helped by strong trading income, HELG reported a Q1 ROE of ~12% versus its >11% target, despite the pre-announced elevated loan losses. With one less interest day and margin pressure, ‘real NII’ fell 2.2% QOQ. While down QOQ, the CET1 ratio remained solid at 18.1% (>16.5% target). We have cut our 2025–2026e EPS by ~3–5%, driven by lower NII, and lowered our target price to NOK134 (139). Trading at a 2025e P/E of ~9.0x, we continue to find a more attractive risk/reward elsewhere in the sector and...
Q1 proved another solid quarter, aided by impressive earnings resilience in SSAB Special Steels and SSAB Europe. While we have lowered our 2024-25 forecasts for SSAB Americas, this is offset by a more positive view on SSAB Special Steels and SSAB Europe, meaning our group earnings are largely unchanged. We reiterate our BUY, but given the stock is now trading ex-dividend (DPS of SEK5), we have lowered our target price to SEK100 (SEK105).
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
With cNOK55m (58bp) of pre-announced loan losses, but prospects for solid revenue momentum, we expect a Q1 ROE of 11.0%, in line with its >11% target. With ample ~2.2%-points headroom to its capital requirement (including a 1% management buffer) at end-2023, we see scope for payout ratios of >80% over our forecast horizon. That said, with the stock trading at a 2025e P/E of ~8.7x, we continue to find a more attractive risk/reward elsewhere in the sector. We reiterate our HOLD, but have lowered o...
After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.