reports
- Håkon Astrup
SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower...
Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we co...
- Jørgen Lian
DHT Holdings Minor model adjustments
We have updated our estimates following DHT’s Q1 report. Thus, we have raised our 2025e adj. EBITDA by 1%, while largely maintaining 2026–2027e. Supply-side fundamentals remain highly attractive, with a muted ~4% VLCC deliveries expected for 2025–2026 against an ageing fleet and further upside potential to a successful phasing out of vessels involved in illicit trades. On the demand side, we see support from OPEC+’s accelerated return of withheld volumes, while persistent US ‘maximum pressure’ o...
- Ole Martin Westgaard
Schibsted (Sell, TP: NOK290.00) - Muted growth continues
The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.
- ABGSC Media Research
- Henrik Bartnes
- Petter Nystrøm
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- ABGSC Media Research
- Henrik Bartnes
- Petter Nystrøm
DHT Holdings, Inc. First Quarter 2025 Results
DHT Holdings, Inc. First Quarter 2025 Results HAMILTON, BERMUDA, May 6, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announced its results for the quarter ended March 31, 2025. The full report is available and in the below attachment. About DHT Holdings, Inc.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organiza...
- Ole Martin Westgaard
Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price
Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.
- ABGSC Media Research
- Henrik Bartnes
- Petter Nystrøm
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Petter Haugen
- Jørgen Lian
DHT Holdings (Buy, TP: USD13.70) - At the heart of the tanker festival
We maintain our positive stance on the VLCC segment with limited deliveries (~4% expected for 2025–2026) and an ageing fleet. Further, we see potential positive catalysts in successful enforcement of sanctions and a more aggressive phase-in of currently withheld OPEC+ volumes, both of which could noticeably expand the markets for compliant VLCCs. Further, spot markets are showing signs of improvement, with rates rising ~75% since DHT published its Q1 update. We reiterate our BUY, but have cut ou...
- Jesper Ingildsen
ALK-Abello (Buy, TP: DKK190.00) - Expecting solid start to the year
We expect a solid Q1 report, with likely c11% organic growth as well as good margin progress supporting the 2025 guidance. Based on its footprint, we see minimal effect in case of tariffs on pharmaceuticals, with the biggest risk coming from potential reciprocal ones from Europe. We reiterate our BUY and DKK190 target price.
DHT Holdings, Inc. to announce first quarter 2025 results on Tuesday, ...
DHT Holdings, Inc. to announce first quarter 2025 results on Tuesday, May 6, 2025 HAMILTON, BERMUDA, April 24, 2025 - DHT Holdings, Inc. (NYSE: DHT or the “Company”) will release its first quarter 2025 results after market close on Tuesday, May 6, 2025. The Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. EDT/14:00 CEST on Wednesday, May 7, 2025, to discuss the results for the quarter. To access the conference call the participants are required to register in advance of the conference using this link: Upon registering, each partici...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Media Research
- Ali Shemmari
- Petter Nystrøm
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
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KCC KLAVENESS COMBINATION CARRIERS
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COOL COOL COMPANY LTD.
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DHT Holdings, Inc. announces the sale of two VLCCs
DHT Holdings, Inc. announces the sale of two VLCCs HAMILTON, BERMUDA, April 15, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today announces that it has entered into an agreement to sell the DHT Lotus and the DHT Peony for a combined price of $103 million. Both vessels were built at Bohai Shipbuilding Heavy Industry Co, China, in 2011. The vessels are expected to be delivered to the new owner in April and July, respectively. After repayment of existing debt on the vessels, amounting to $15.9 million in aggregate, the transaction is expected to generate net cash proceeds of ...
DHT Holdings, Inc. Business Update
DHT Holdings, Inc. Business Update HAMILTON, BERMUDA, April 14, 2025 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update: For the first quarter of 2025, the Company estimates time charter equivalent earnings for its fleet at $38,200 per day, comprising of $36,300 per day for the Company’s VLCCs operating in the spot market and $42,700 per day for the Company’s VLCCs on time charter. The estimated time charter equivalent earnings are based on 2,077 revenue days for the first quarter, of which 1,465 days are spot days. Thus far in the second...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
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