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Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) Kinnevik hosted a pre-silent call; we expect its unlisted NAV to be revalued upwards by ~3–4% in its Q1 report; and 2) we see outperformance potential in VC-oriented investment companies in 2024, and Kinnevik is one of our top picks.

 PRESS RELEASE

GOGL – Notice of Annual General Meeting 2024

GOGL – Notice of Annual General Meeting 2024   Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on April 29, 2024. The record date for voting at the Annual General Meeting is set to April 2, 2024. A copy of the Notice of Annual General Meeting and associated information, including the Company’s Annual Report on Form 20-F, will be distributed and made available on the Company’s website at prior to the meeting. March 26, 2024 The Board of DirectorsGolden Ocean Group LimitedHamilton, Bermuda ...

 PRESS RELEASE

GOGL - Filing of 2023 Annual Report on Form 20-F

GOGL - Filing of 2023 Annual Report on Form 20-F Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (the “Company”) announces that its annual report on Form 20-F for the year ended December 31, 2023 (the “Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “Commission”). The Annual Report may be accessed through the Company’s website, , or in the link below. The Annual Report is also available on the website of the Commission, . Shareholders may also request a hard copy of the Annual Report, which includes the Company’s complete 2023 audited financial sta...

Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) we initiated regular coverage of VEF with a SEK3.4 target price, highlighting its structural growth and re-rating potential; 2) Kinnevik hosted an informative session about its software strategy; 3) VNV Global participated in Voi’s USD25m capital raise. The weekly navigator will be off next week and return the following week.

Alexander Aukner
  • Alexander Aukner

The quality report

Knowing who has the best farming locations, production areas and operations is key to assessing future performance potential. Our extensive asset quality research findings suggest SalMar has the best sites, and the best MAB portfolio, while Mowi has outperformed its benchmark the most and has the most conservative estimates versus our expectations. Grieg Seafood is the most undervalued and Lerøy Seafood has the highest margin rebound potential in our view.

Jørgen Lian
  • Jørgen Lian

A brewing challenge for the yards

Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...

Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) Kinnevik led a USD110m funding round in Mews, deploying USD41m; 2) VEF-owned Creditas looks set for profitable growth after achieving operating profitability in December; and 3) Investor-owned EQT hosted a CMD, and has seen YTD fund commitments of >EUR25bn ahead of a potentially improving IPO market.

Jørgen Lian
  • Jørgen Lian

BW LPG (Buy, TP: NOK196.00) - Bound to rebound

Despite a disappointing Q4 report and weaker market for US propane exports hampering recent rate momentum, we still believe BW LPG is attractively valued and freight markets should stay healthy on rebounding US production and slowing demand. We forecast cNOK50 DPS and net cash position of cNOK20/share by end-2026. Even on all-time low asset values leaves another cNOK75/share and limited downside risk, with attractive exposure to the market recovery. We reiterate our BUY, but have cut our target ...

Alexander Aukner
  • Alexander Aukner

Austevoll Seafood (Buy, TP: NOK108.00) - Salmon better, Pelagia softer

Q4 EBITDA was NOK1,190m, 16–17% above our estimate and consensus, driven by Lerøy Seafood and Austral, while Pelagia fell short of expectations. We have cut our 2024e EPS by 7.3%, driven by Lerøy Seafood, Austral and Pelagia, but increased 2025–2026e by 3.8–6.4%. We reiterate our BUY, but have reduced our target price to NOK108 (111).

Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) Kinnevik agreed to divest its entire shareholding in Tele2 for a total consideration of SEK13bn, opening the way for potential shareholder distributions; and 2) following the Q4 reporting season, we prefer Investor (BUY) and Kinnevik (BUY), have a neutral view on Latour (HOLD), and regard Lundbergs (SELL) and Industrivärden (HOLD) as potential funding candidates.

Jørgen Lian
  • Jørgen Lian

Golden Ocean (Hold, TP: NOK142.00) - Bull-case scenario materialising

We see our dry bulk bull-case scenario materialising for the time being, but highlight elevated NAVs and tight valuations, decoupled values and earnings, as well as decoupled Chinese demand fundamentals and physical markets. We reiterate HOLD, but have raised our target price to NOK142 (121).

 PRESS RELEASE

GOGL – Q4 2023 Presentation

GOGL – Q4 2023 Presentation Please find enclosed the presentation of Golden Ocean Group Limited’s fourth quarter 2023 results for today’s webcast / conference call at 15:00 CET. Attend by Webcast: Use the follow link prior to the webcast: Attend by Conference Call: Participants will need to register online prior to the conference call via the link below. Dial-in details will be available when registered. A Q&A session will be held after the conference call/webcast. Information on how to submit questions will be given at the beginning of the session. The presentat...

 PRESS RELEASE

GOGL – Fourth Quarter 2023 Results

GOGL – Fourth Quarter 2023 Results Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the three and twelve months ended December 31, 2023. Highlights Net income of $57.5 million and earnings per share of $0.29 (basic) for the fourth quarter of 2023, compared with net income of $28.7 million and earnings per share of $0.14 (basic) for the third quarter of 2023.Net income of $112.3 million and earnings per share of $0.56 (basic) for full year 2...

Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) we downgraded Lundbergs to SELL with an unchanged SEK485 target price following a change of analyst, and as we find the premium to NAV unwarranted in light of our forecast NAV decline in 2024; 2) VNV Global sold assets for up to USD58m, bringing it one step closer to funding its January 2025 bond; and 3) Bure grew its NAV by 33%, including dividends in 2023.

Linus Sigurdson
  • Linus Sigurdson

Lundbergs (Sell, TP: SEK485.00) - A good time to crystalise gains

2023 has seen Lundbergs’ underlying portfolio benefit from investors seeking safe havens, while the OMXS Benchmark index inclusion has fuelled a premium to NAV valuation. In our view, this is more than reflected in the current share price, with negligible discount-on-discount effects from its Industrivärden holding, and we forecast a NAV decline in the listed portfolio of 3% in 2024. We have downgraded to SELL (HOLD), with an unchanged SEK485 target price following a change of analyst.

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