Securitas : Evolution of coverage

As part of the rotation of our coverage, we are terminating the coverage with recommendation of Securitas. We will continue to follow the newsflow of the issuer in the Credit Morning. Our previous credit opinion was Positive and our previous market recommendations were Buy on SECUSS 2027 & 2029 and Neutral on SECUSS 2028 bonds. We plan to initiate the coverage of new issuers soon.

Securitas : Evolution de la couverture

Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation de Securitas. Nous continuerons de suivre le newsflow de cet émetteur dans le Morning crédit. Notre précédent avis crédit était Positif et nos précédentes recommandations de marché étaient Achat sur les obligations SECUBSS 2027 et 2029 et Neutre sur la souche 2028. Nous comptons prochainement initier la couverture de nouveaux émetteurs.

Margin target within reach, but at what cost?

Securitas AB: 1 director

A director at Securitas AB bought 3,500 shares at 142.600SEK and the significance rating of the trade was 63/100. 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 years clearly ...

Margin beat; EBITA +2% vs cons

Lundin Mining Corporation: 1 director

A director at Lundin Mining Corporation bought 900,000 shares at 14.102CAD and the significance rating of the trade was 67/100. 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 ...

Keeps on improving profitability

Slight sales miss in Q1, profitability in line

Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

We forecast Q1 sales c0.5% above consensus and an adj. EBITDA margin of 31.3%. We expect the strategic brands sales to rise by 18.3% YOY, including Vyepti sales of DKK913m (c2.2% above consensus). We forecast unchanged 2025 guidance for CER figures. From the pipeline, the FDA AdCom for Rexulti in PTSD is still unscheduled and the PROCEED trial has recently been expanded to additional IV doses. We reiterate our BUY, but have cut our target price to 48 (56).

Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Allian...

Summary Marketline's Pure Nickel Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments r...

Large US exposure turns into a headwind

Securitas (Buy, TP: SEK192.00) - More of the same in Q1e

We expect Q1 to show similar trends to the most recent quarters, but negative FX translation effects (strengthening SEK) still result in cuts to our 2025–2027e EPS of 4–5%. We continue to see a robust transformation case, as the journey towards the 8% profit margin target by end-2025 continues, with our H2 2025e EBITA margin now at 7.8–7.9%. We reiterate our BUY, but have lowered our target price to SEK192 (200).

Galleon Gold Corp - Company Profile and SWOT Analysis

Summary Galleon Gold Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Galleon Gold Corp (Galleon Gold), formerly Pure Nickel Inc, is a mineral exploration company. It undertakes the exploration of nickel, platinum group elements (PGEs), copper, gold, silver, and associa...

2025 targets within reach

Securitas (Buy, TP: SEK200.00) - Strength continues into 2025

The Q4 results were strong, with Europe and Ibero-America improving and the US still sound. FCF remained strong, returning the balance sheet to a solid investment-grade level. We have tweaked our forecasts post-Q4, and continue to see a robust transformation case, as the journey towards the 8% profit margin target by end-2025 (LTM 6.9%) continues. We reiterate our BUY and have raised our target price to SEK200 (175).

Lundbeck (Buy, TP: DKK56.00) - PTSD decision getting closer

Lundbeck reached the high-end of its full-year guidance, with Q4 sales of DKK5,541m and an adj. EBITDA margin of 20.8%. Strategic brands’ Q4 sales were slightly below our forecast and consensus, with only Brintellix beating our estimate. The 2025 guidance is for sales growth of 7–10% at constant exchange rates (CER) and adj. EBITDA growth of 5–11% at CER. We view the upcoming Rexulti PTSD FDA Advisory Committee Meeting (due in H1) as the next share-price catalyst. We reiterate our BUY and DKK56 ...

Solid end to 2024

Focus on Europe profitability after Q3 beat

Lundbeck (Buy, TP: DKK56.00) - Solid Q4e; PTSD decision ahead

We forecast Q4 sales of DKK5,631m (consensus DKK5,629m) and adj. EBITDA of DKK1,155m (consensus DKK1,147m). For strategic brands, we estimate sales of DKK4,493m (c1.1% above consensus). We expect 2025 guidance for growth of CER sales of 3–6% and adj. EBITDA of 3–7%. We believe investor focus will be on the upcoming Rexulti PTSD FDA Advisory Committee Meeting (ADCOM), due in H1. We reiterate our BUY and DKK56 target price.

Lundbeck (Buy, TP: DKK56.00) - Focusing on strategic brands

The Q3 sales beat reflected a strong result in strategic brands, leading to an outperformance on adj. EBITDA. We expect continued momentum in strategic brands, with Q4e sales growth of 17.4% YOY. The 2024 guidance was narrowed for CER revenue growth of 12–14% (previously 11–14%) and CER adj. EBITDA growth of 17–20% (15–20%) and we find the top end of the guidance reachable. We reiterate our BUY and DKK56 target price.