Novo Nordisk AS: 1 director

A director at Novo Nordisk AS sold 55,000 shares at 902.625DKK and the significance rating of the trade was 81/100. 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 clearl...

Ncc (Buy, TP: SEK150.00) - Q1 in line with our expectations

Q1 is low season for NCC, but we believe the EBIT miss versus Infront consensus was likely due to some consensus participants overlooking the early Easter effect. With the Q1 results broadly in line with our estimates, we have made only minor forecast changes, and reiterate our BUY and SEK150 target price.

Weak April ACT doesn't change H2 improvement scenario

Miss in seasonally slow quarter

Q1 trends, estimates, valuation and top picks

The Q1 reports proved that sector companies could maintain record-high margins despite volume declines.

Novo Nordisk (Buy, TP: DKK1100.00) - Small guidance raise

Q1 LCY figures beat consensus due to US rebate adjustments related to 2023 adding c5%-points to LCY growth and low SG&A cost boosting EBIT growth in Q1. Wegovy sales were below consensus but above our forecast, and we have therefore adjusted our rebate assumptions for 2024. The 2024 guidance was raised to LCY sales growth of 19–27% (18–26%) and LCY operating profit growth of 22–30% (21–29%). We reiterate our BUY and DKK1,100 target price.

Cost efficiency and growth story priced in

Q1: Adj. net profit +3% vs. ABGSCe and -4% vs. cons. on cost & tax. Adj. EPS up 2% and 4% for '24e-'25e (income, costs & LLP). At 1.5x P/NAV it's a well priced growth & efficiency story: HOLD (Buy).

Sparebanken Vest (Buy, TP: NOK139.00) - Continued strong ROE and growt...

Boosted by the tax advantage of customer dividends, continued strong lending growth, YOY cost reductions and robust asset quality, SVEG reported a Q1 ROE of 21.6%. Moreover, with the approval and implementation of new IRB risk models, in addition to strong earnings, the CET1 ratio rose ~70bp QOQ. Trading at a 2025e P/E of ~9.2x, we continue to find the valuation undemanding, and reiterate our BUY and NOK139 target price.

Q1: Stronger growth than expected

Adj. PTP beat of 2% vs. ABGSCe and cons. 2-7% better costs gives CI/ of ~25%. Cons. est. rev. likely +/-1%; Stock down 0-2%.

Service-heavy Q1 boosts margin hopes

8% better orders, very low equipm. sales and strong margin. Many moving pieces, but adj. EBIT +2-5%. We consider valuation of recovered earnings too high. SELL

Europris ASA: 1 director

A director at Europris ASA bought 7,232 shares at 68.704NOK and the significance rating of the trade was 69/100. 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 s...

Wärtsilä (Buy, TP: EUR20.00) - Smooth sailing

Following strong Q1 orders and earnings, we have raised our 2024–2026e clean EPS by 4% on average and our target price to EUR20 (18). We reiterate our BUY. We continue to forecast multiyear sales and earnings growth for Wärtsilä, and view it as attractively valued (see our recent report ‘Refuelled engines’).

Novo Nordisk (Buy, TP: DKK1100.00) - Company consensus added

We are slightly below consensus on Q1e LCY sales growth (we forecast 19.4%, consensus 21.4%) and LCY operating profit growth (we forecast 16.8%, consensus 19.5%), due to lower expected Wegovy sales. However, we believe the Ozempic US prescription trend will prompt management to raise the 2024 guidance to LCY sales growth of 20–28% (18–26%) and LCY operating profit growth of 23–31% (21–29%). We reiterate our BUY and DKK1,100 target price.

Good orders, low equipment sales drive margin mix

Sparebanken Møre (Hold, TP: NOK92.00) - Strong capital position

With NII at still-high levels and moderate loan losses, MORG reported a Q1 ROE of ~13% (>12% target), despite elevated cost inflation. Even with solid lending growth, the CET1 ratio rose ~25bp QOQ, leaving ample 2.3%-points headroom to its 16.15% requirement (including P2G). We have cut our 2025–2026e EPS by ~2–4%, driven by lower core revenues and higher costs, and in turn trimmed our target price to NOK92 (95). With the stock trading at a 2025e P/E of 9.5x, we continue to find a more attractiv...

Europris (Buy, TP: NOK80.00) - Not its best report

Both the Q1 results and the 2024 cost guidance disappointed. However, we reiterate our BUY as we continue to find the valuation attractive and believe Europris has a winning concept in the current market, but have lowered our target price to NOK80 (85), reflecting our estimate cuts.

Feeling the pressure

Weak Q1, EBIT 27% below on higher costs. Being squeezed on many fronts – GM & costs. Market will improve, but a soft Q2 is likely: HOLD.

Europris (Buy, TP: NOK85.00) - Weak report and guidance

We consider this a weak report, below expectations due to lower gross margins and higher costs, and a cost guidance above expectations. We expect consensus 2024e EBITDA to come down 7.5–10% and believe a c5–10% negative share price reaction is warranted.

Getinge (Buy, TP: SEK255.00) - Upgraded to BUY after Q1 beat

Q1 earnings were stronger than we expected, with no negative surprises. We believe consensus for the coming years looks realistic and that Getinge’s valuation (despite the recent share price rise) looks attractive. Thus, we have upgraded to BUY (HOLD) and have raised our target price to SEK255 (210).

Volvo AB: 2 directors

Two Directors at Volvo AB sold/bought 3,450 shares at between 275.000SEK and 279.800SEK. The significance rating of the trade was 50/100. 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...