reports
- 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
Dustin Group AB: 1 director
A director at Dustin Group AB bought 6,700,000 shares at 13.500SEK and 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 company's directors over the last two years cl...
- Simen Mortensen
Renovation rules now a reality
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. Member states will have two years to incorporate the provisions into their national legislation. While Q1 is Nordic construction’s low season due to winter effects, we see some downside risk to Q1e consensus and longer-term to 2024–2026e EBIT on lower development gains. We recommend a stock-picking approa...
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK21.00) - Watts up
We expect the Q1 results to be in line with consensus, reflecting improvements in Nordic and New Growth Initiatives (NGI), while we expect Consumer and Business to be flat YOY. While Elmera Group’s results seem to have stabilised and the risk of significant churn has been reduced, we continue to find the valuation stretched. We reiterate our SELL, but have raised our target price to NOK21 (20) on positive estimate revisions.
- Simen Mortensen
Selvaag Bolig (Sell, TP: NOK25.00) - Inventory spike set to delay prof...
In its Q1 KPI update, sold homes were marginally above our forecast, helped by sales to its main owner. However, of the 236 completed units, only 179 were delivered to clients. Unsold inventory climbed to an all-time high of 126 units at end-Q1 (ATH), and 56 completed sold homes are pending delivery. Due to the inventory build-up, we have cut our 2024e EPS by c29%, but have raised 2025e EPS by c42.5%. We reiterate our SELL and NOK25 target price.
NNIT A/S: Resolutions from the annual general meeting of NNIT A/S
NNIT A/S: Resolutions from the annual general meeting of NNIT A/S Today, NNIT A/S held its annual general meeting, at which the following were noted/approved: Financial year 2023 and 2024 The Chairman of the Board gave the Board of Directors’ report on the Company’s activities in the past financial year, especially highlighting: launch of the new strategy for the Company with focus on Life Science internationally as well as the public and private sector in Denmark,the divestment on April 28, 2023 of the Company’s infrastructure operation, also called the IO Business, to Aeven Holding ApS,...
NNIT A/S: Reporting of transactions in NNIT’s shares made by person di...
NNIT A/S: Reporting of transactions in NNIT’s shares made by person discharging managerial responsibilities NNIT has pursuant to article 19 of the Market Abuse Regulation received notification of transactions by person with managerial responsibilities in NNIT. Reference is made to the attached table showing detailed information about the transactions. Contact for further information Carsten RingiusEVP & CFOTel: Media relationsTina Joanne HindsboMedia Relations ManagerTel: NNIT is a leading provider of IT solutions to life sciences internationally, and to the public an...
NNIT A/S: Notice convening the annual general meeting for NNIT A/S
NNIT A/S: Notice convening the annual general meeting for NNIT A/S The Board of Directors gives notice of the annual general meeting for NNIT A/S, company registration (CVR) no. 21 09 31 06 (the “Company”), to be held Thursday, March 14, 2024, 2:00 pm (CET) at NNIT A/S, Østmarken 3A, DK-2860 Søborg. The general meeting will for shareholders be webcasted live on the Company’s investor portal. It is not possible to vote or ask questions via webcast. The notice for the annual general meeting, including Appendix A: Candidates for (re-)election to the Board of Directors, and Appendix B: Remu...
NNIT A/S: Reporting of transactions in NNIT’s shares made by person di...
NNIT A/S: Reporting of transactions in NNIT’s shares made by person discharging managerial responsibilities NNIT has pursuant to article 19 of the Market Abuse Regulation received notification of transactions by person with managerial responsibilities in NNIT. Reference is made to the attached table showing detailed information about the transactions. Contact for further information Carsten RingiusEVP & CFOTel: Media relationsTina Joanne HindsboMedia Relations ManagerTel: NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and enterprise...
NNIT A/S: Annual Report 2023
NNIT A/S: Annual Report 2023 NNIT launched the New Beginning strategy in 2023 to position the company as a pure-play IT consulting business highly specialized in global life sciences and the public sector in Denmark and focusing on organic and acquisitive growth combined with efficiency enhancements. The Group improved business and financial performance throughout the year and delivered on the outlook, which was upgraded in August, 2023. 2023 key highlights Revenue grew by 15.2% (organic growth of 10.8%) to DKK 1,728 million following solid performance on existing engagements and onbo...
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK20.00) - Consumer and guidance miss
Slightly soft Q4 results included adj. EBIT below our estimate and higher 2024–2025 cost guidance than expected. We reiterate our SELL, but, despite lowering our 2024–2025e EPS by 2.6–1.4%, we have raised our target price to NOK20 (16), as we have rolled forward our valuation multiples to 2025e.
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK16.00) - Mixed report
We consider this a mixed report for Elmera Group, including Q4 adj. EBIT slightly below expectations, DPS above, and 2024–2025 cost guidance slightly above our forecast. We expect 1–3% negative revisions to consensus 2024e adj. EBIT on the report and believe a slightly negative share price reaction is warranted.
- Simen Mortensen
Selvaag Bolig (Sell, TP: NOK25.00) - Q4 miss
Q4 earnings (IFRS and POC) missed our forecasts, and the proposed H2 2023 DPS of NOK1 was below our expectation. While we expect sales to gradually recover in 2024–2026 on lower mortgage interest rates, we do not see the company returning to historical profitability levels in our forecast period due to lagging profit recognition (IFRS – IFRIC15) and accumulated capitalised interest rate expenses raising land bank costs. We reiterate our SELL and NOK25 target price.
- Simen Mortensen
Renovation regulation approaching
The ‘trilogue’ process regarding the Energy Performance of Buildings Directive (EPBD) that aims to double renovation rates of commercial and residential properties has been concluded, and the new legislative text is due to be published in spring 2024. Also, the recent pivot in market interest rates has improved the sector outlook, but with long profit lead times. Names with high short interest (JM and SBO) have rallied the recently, but we believe the current valuation underestimates the profit ...
- Simen Mortensen
Selvaag Bolig (Sell, TP: NOK25.00) - Long-tail impact
The Q4 trading update revealed weaker sales and starts than we forecast; however, we continue to expect sales to recover in 2024–2025, and almost get back to pre-pandemic levels by 2026, but earnings to only normalise beyond 2026 given weak 2022–2023 markets and long profit lead times. The valuation still looks stretched to us and consensus too bullish; we reiterate our SELL, but have edged up our target price to NOK25 (24).
- Ole Martin Westgaard
Elmera Group (Sell, TP: NOK16.00) - Consumer margin set to recover
We expect the Q4 results to beat consensus, reflecting a strong recovery in the Consumer margin, supported by higher volumes and prices and still-limited churn in the market. However, we reiterate our SELL, as we continue to find the valuation stretched and question the sustainability of the business model, but have raised our target price to NOK16 (15) after raising our estimates.
NNIT A/S: Change in Board of Directors
NNIT A/S: Change in Board of Directors As employee-elected member Anders Vidstrup is leaving NNIT effective December 12, 2023, he is succeeded by alternate Frederik Sparre Willumsen as employee-elected member of the Board of Directors. Contact for further information Carsten RingiusEVP & CFOTel: Media RelationsTina Joanne HindsboMedia Relations ManagerTel: NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and enterprise sectors in Denmark We focus on high complexity industries and thrive in environments where regulatory demands and c...
- Simen Mortensen
Political agreement for EPBD
Yesterday evening saw a political agreement and the conclusion of the final trilogue meeting on EPBD revisions. There are some revisions to earlier drafts, but EU member states will now prepare requirements for lower energy building stocks. We believe that once in place this regulation should be a positive for construction companies, but CAPEX for real estate companies.
NNIT A/S: Financial calendar 2024
NNIT A/S: Financial calendar 2024 NNIT hereby announces its financial calendar for 2024: January 31, 2024 Deadline for shareholder proposals for the Annual General MeetingFebruary 19, 2024 Annual Report 2023March 14, 2024 Annual General MeetingMay 7, 2024 Results for the first three months of 2024August 26, 2024 Results for the first six months of 2024November 5, 2024 Results for the first nine months of 2024 Contact for further information Carsten RingiusEVP & CFOTel: Media Relations Tina Joanne HindsboMedia Relations ManagerTel: NNIT is a leading provider of IT solu...
- Simen Mortensen
Selvaag Bolig (Sell, TP: NOK24.00) - Low-season beat in Q3
As expected, Q3 was low season, with few unit deliveries; the 18% EPS beat has a limited underlying impact on our full-year estimates, and we continue to expect EPS to remain below historical levels in our forecast horizon given tough markets. That said, the updated guidance on completed units means we have brought forward some earnings to Q4, prompting us to raise our 2024e EPS by 17.4% but cut 2025e EPS by 17,4%. We reiterate our SELL and have lowered our target price to NOK24 (25).
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