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Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - New M&A transaction partly funded with equity

Infront to acquire Swiss-based Assetmax Stable revenues and improved underlying margins Trading too tight compared with peers, in our view

08/29/22 August 29, 2022 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - Time to show us some deleveraging

No deleveraging during Q1 – net leverage stayed at 5.4x Strategy focus will hopefully spur earnings growth ahead We stick to our view that the bond is too tightly priced

06/14/22 June 14, 2022 1 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - Nothing new under the sun

Somewhat higher leverage ratio vs. post-issue Stable outlook for revenues in 2022 Bond to follow general market movements

02/16/22 February 16, 2022 1 EN
Eirik Thune Øritsland ... (+3)
  • Eirik Thune Øritsland
  • Jonas Bru Lien
  • Øystein Elton Lodgaard
PREMIUM
INFRO INFRONT

Infront - Terminating coverage

ABG Sundal Collier terminates coverage of Infront BUY is our final recommendation NOK 38 is our final target price

09/02/21 September 2, 2021 9 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - No rocking of the boat

Beat due to non-recurring and volume-based revenues Partial payment of the SSRCF down to EUR 5m Net leverage of 4.6/4.9x on adjusted/reported EBITDA

05/12/21 May 12, 2021 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
INFRO INFRONT

Infront - Building a house one brick at a time

Continuing to execute on strategy ‘21e EBITA up ~10% on continued synergy confidence BUY recommendation intact; TP nudged up to NOK 38 (37)

12/14/20 December 14, 2020 15 EN
Aksel Øverland Engebakken ... (+4)
  • Aksel Øverland Engebakken
  • Bengt Jonassen
  • Casper Blom
  • Lukas Daul
PREMIUM
NHY NORSK HYDRO ASA
MAERSK B A.P. Moller - M... ... (+4)

Talking Points - AP Møller Maersk: Stronger for longer

EBITDA up 14% for 2021e, and 1% for 2022e Target price up to DKK 15,500 (14,100) – BUY

NHY NORSK HYDRO ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
FLNG FLEX LNG LTD.
INFRO INFRONT
12/14/20 December 14, 2020 5 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - Higher margin and growth on the agenda

Strong EBITDA mainly from lower costs in the quarter Net leverage down to 6.1x on higher trailing EBITDA Long-term ambitions well above our assumptions

11/16/20 November 16, 2020 5 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
INFRO INFRONT

Infront - Good underlying development Q-o-Q in Q3

Adj. EBITDA EUR 5.8m, 1m est. beat driven by consulting sales P&L synergy realization continues EUR +0.4m increase q-o-q Expect small positive estimate revisions on EBITDA for 21e

11/13/20 November 13, 2020 6 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Martin Kaland
PREMIUM
INFRO INFRONT
SALMOCAM Salmones Camanc...

Talking Points - Salmones Camanchaca (Buy): Short-term margin pressure...

Challenging quarters ahead due to low prices Large discount to Norwegian peers, reiterate BUY

INFRO INFRONT
SALMOCAM SALMONES CAMANCHACA SA
08/25/20 August 25, 2020 5 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - Beat on sales, but negative cash flow

Soft cash flow - net leverage still aggressive at 6.9x Successful cross-selling with deal wins in the quarter We find more attractive risk/reward elsewhere

08/24/20 August 24, 2020 6 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
INFRO INFRONT

Infront - Reassuring Q2 makes the case for patience

Q2 showed resilience and mgmt. ability to execute on case ‘22e adj. EBITDA up 12% on higher synergies Peer pricing indicates NOK 50+: BUY

08/24/20 August 24, 2020 11 EN
Aksel Øverland Engebakken ... (+3)
  • Aksel Øverland Engebakken
  • Eirik Thune Øritsland
  • Øystein Elton Lodgaard
PREMIUM
INFRO INFRONT

Infront - Q2 can likely hike confidence in synergy case

Adj. EBITDA EUR 5m small underlying increase q-o-q Integration of Vwd acquisition continues to progress well Small net estimate changes expected post results

08/21/20 August 21, 2020 5 EN
Aksel Øverland Engebakken ... (+7)
  • Aksel Øverland Engebakken
  • Bengt Jonassen
  • Casper Blom
  • Edvard Hagman
  • Erik Moberg
  • Laurits Kjærgaard
  • Lukas Daul
PREMIUM
HH H&H Internation...
AFG AF GRUPPEN ASA ... (+8)

Talking Points - MTG (Buy): Media rights potential not to be ignored

H+H International (Buy) Post-results: UK lockdown is bad, but the only current risk …offering an option worth SEK 103/share BUY with target price of SEK 128 (124)

HH H&H INTERNATIONAL
AFG AF GRUPPEN ASA
MTG B MODERN TIMES GROUP MTG AB CLASS B
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
NLFSK NILFISK HOLDING A/S
INFRO INFRONT
BETCO BETTER COLLECTIVE A/S
JETPAK JETPAK TOP HOLDING
05/18/20 May 18, 2020 5 EN
Aksel Øverland Engebakken
  • Aksel Øverland Engebakken
PREMIUM
INFRO INFRONT

Infront - Synergy savings starting to materialise

Integration and synergy case are progressing well Adj. EBITDA down 4% for ’21e Reiterate BUY, TP NOK 34 (36)

05/18/20 May 18, 2020 11 EN
Andreas Johannessen
  • Andreas Johannessen
PREMIUM
INFRO INFRONT

Infront - The bond recovered to par level prematurely

Soft EBITDA translates into aggressive leverage of 6.9x EUR 0.9m incremental cost savings secured q-o-q The risk/reward is not appealing at the indicated levels

05/15/20 May 15, 2020 5 EN
Aksel Øverland Engebakken
  • Aksel Øverland Engebakken
PREMIUM
INFRO INFRONT

Infront - Solid outlook for rest of 20e

Q1 Sales in line, but adj. EBITDA -10% Confident wrt. to Covid ’19 resilience and integration work Small negative ‘21e EBITDA revisions

05/14/20 May 14, 2020 5 EN
Free Trial
INFRO INFRONT

Infront ASA: 3 directors bought

Three Directors at Infront ASA bought 25,000 shares at between 15.700NOK and 15.900NOK. 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 ...

03/20/20 March 20, 2020 1 EN
Aksel Øverland Engebakken
  • Aksel Øverland Engebakken
PREMIUM
INFRO INFRONT

Infront - Recent acquisition proved itself in Q4

The German acquisition delivered a solid Q4 Negative revisions in “old Infront”, but higher synergies Reiterate BUY: TP of NOK 36 (37)

03/02/20 March 2, 2020 11 EN
Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Laurits Kjærgaard
PREMIUM
GREENM GREENMOBILITY
INFRO INFRONT

Talking Points - Infront (Buy): Recent acquisition proved itself in Q4

Negative revisions in “old Infront”, but higher synergies Reiterate BUY: TP NOK 36 (37)

GREENM GREENMOBILITY
INFRO INFRONT
03/02/20 March 2, 2020 5 EN
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