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Schibsted ASA: 1 director

A director at Schibsted ASA sold 14,850 shares at 315.000NOK and the significance rating of the trade was 80/100. 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 ...

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

If it's too good to be true, it usually is

Salmon prices higher on another blow to '24e supply, but farmers struggling to reap the benefits due to weak biology. Valuation not demanding, but more mixed triggers short term.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Catching its breath - down to HOLD

We estimate Q1 EBIT of NOK 1,650m (-4% vs. FactSet cons). '24e EBIT -7% as weak biology offsets higher spot prices. Limited upside after share price rally; down to HOLD.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Close to the inflection point

Q1'24e EBIT of NOK 232m (FactSet cons. NOK 293m). Inflection point biology-wise in H2 supports '25e-26e growth. BUY on '25e P/E of 9x and pot. upside from strategic review.

ABGSC Seafood Research ... (+3)
  • ABGSC Seafood Research
  • Martin Kaland
  • Simon Brun

Valuation remains attractive

Q1e EBIT of EUR 201m, as pre-announced. '24e EBIT down 8% on weak biology and soft US prices. Sector top-pick at '24e-25e P/E of 13x-11x (5Y-avg. 16x).

 PRESS RELEASE

Mowi ASA (OSE:MOWI): Presentation of Q1 2024 results 8 May 2024 at 08:...

Mowi ASA (OSE:MOWI): Presentation of Q1 2024 results 8 May 2024 at 08:00 (CET) Mowi ASA hereby invites you to the presentation of the results for the first quarter 2024 at Høyres Hus, Stortingsgata 20, 0117 Oslo, Norway. The results will be presented in English through a live webcast followed by a Q&A session. Participants will have the opportunity to submit questions online throughout the webcast session. The webcast will be available on A recording of the webcast will be made available on our website immediately afterwards. Please note that the quarterly report and presentation will b...

ABGSC Renewable Energy Research ... (+8)
  • ABGSC Renewable Energy Research
  • Adrian Gilani
  • Åsne Holsen
  • Daniel Vårdal Haugland
  • Haakon Amundsen
  • John Olaisen
  • Olof Cederholm
  • Stian Wibstad

Renewable Weekly – 29 April 2024

This week, we summarise our Q1 previews for the sector.

ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Ali Shemmari
  • Petter Nystrøm

Just a delay

NMP 3% below, weak outlook and cost-cut delays. Buying the remainder of Finn at a ~28% discount to our SOTP. Still solid value support: SOTP NOK 350/sh. BUY, TP NOK 350 (355).

Ole Martin Westgaard
  • Ole Martin Westgaard

Schibsted (Hold, TP: NOK320.00) - Whetting the blade

Schibsted delivered a weak Q1 report, including figures below expectations adjusted for News Media due to higher costs YOY and the withdrawal of the 2024 guidance for Nordic Marketplaces. We reiterate our HOLD and NOK320 target price, with negative estimate revisions offset by peer group multiples expansion.

Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. 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 year...

ABGSC Media Research ... (+2)
  • ABGSC Media Research
  • Petter Nystrøm

NP 3% below, cost cuts paused

Q1: Group EBITDA 0% vs cons: NP 3% below. Cost cuts paused until Media separation. Targets paused.

Patrik Ling
  • Patrik Ling

Swedish Orphan Biovitrum (Buy, TP: SEK335.00) - Strong start to 2024

The Q1 earnings were above our forecast, even though some of the positive effects were one-offs (manufacturing revenues, among others). We believe Vonjo sales have bottomed out and we should be back at QOQ growth from Q2. The haemophilia franchise enjoyed stronger than expected growth, but some of this was due to phasing between quarters (hence this might hurt Q2 sales slightly). We reiterate our BUY and have increased our target price to SEK335 (320).

ABGSC Healthcare Research ... (+3)
  • ABGSC Healthcare Research
  • Alexander Krämer
  • Morten Larsen

Q1 shows core SOBI sales model works

Strong Q1 numbers, 20% CER growth and 5-15% adj EBITA beat. Vonjo questions remain, but Q1 shows that SOBI sales model works. EPS +1-2% and unchanged BUY, as core case is reaffirmed.

 PRESS RELEASE

Mowi ASA – Successful placement of new senior unsecured green bonds

Mowi ASA – Successful placement of new senior unsecured green bonds Bergen, 25 April 2024 – Reference is made to the stock exchange notice from 22 April 2024. Today, Mowi ASA (rated BBB+/Stable by Nordic Credit Rating) has successfully issued a total of NOK 3,500 million (EUR 298 million) of new senior unsecured green bonds split between two tranches. NOK 2,500 million (EUR 213 million) has been issued with a tenor of 5 years and a coupon of 3-month Nibor + 1.13% margin p.a., and NOK 1,000 million (EUR 85 million) has been issued with a tenor of 8 years and a fixed coupon of 3-month Nibor +...

ABGSC Financials Research ... (+2)
  • ABGSC Financials Research
  • Jan Erik Gjerland

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

ABGSC Healthcare Research ... (+3)
  • ABGSC Healthcare Research
  • Alexander Krämer
  • Morten Larsen
Douglas Lindahl
  • Douglas Lindahl

Trelleborg (Hold, TP: SEK395.00) - Sunnier skies await

Overall, Trelleborg’s Q1 was in line with our estimates and consensus, while we believe the outlook comment heading into Q2 might be on the overly cautious side. We have made limited (1% on average) estimate changes on adj. EBITA for 2024–2026e and reiterate our HOLD. We have raised our target price to SEK395 (380) and see limited upside potential for the stock.

ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Haakon Amundsen
  • Stian Wibstad

All about Cummins' 15L engine launch

Q1e EBITDA of NOK 68m – minor estimate changes. We expect newsflow related to Cummins' 15L with the Q1 report. BUY, TP down to NOK 23 (28) on lower HPUR valuation.

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