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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 ...

 PRESS RELEASE

Annual General Meeting 2024

Annual General Meeting 2024 COMPANY ANNOUNCEMENT NO 13/2024 - May 1, 2024  On Tuesday, 30 April 2024 at 4 pm CEST Royal Unibrew A/S held its Annual General Meeting at which the below resolutions were adopted. Agenda and full contents of the proposals: 1.      Report on the Company’s business activities during the yearThe Board of Directors’ report was noted. 2.      Presentation of the audited Annual Report for 2023 for approval The Company’s Annual Report for 2023 was adopted by the Annual General Meeting. 3.      Resolution to discharge the Board of Directors and the Execu...

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

Re-focused and re-energised

Q1: EBIT 7-8% better. Profitably > volume growth, the right move. Q2e set to be ATH: '24e-'25e EPS up 4-7%. '24e & '25e P/E 11.2x and 9.3x: Multiple expansion next, BUY.

Steffen Evjen
  • Steffen Evjen

Valuation update

In this note, we show updated valuation statistics for the E&P sector.

Ole Martin Westgaard
  • Ole Martin Westgaard

Sats (Buy, TP: NOK21.00) - On track

Despite underlying results slightly below consensus, we believe the Q1 report underlined that SATS is on track to deliver on its medium-term targets, with further potential from its existing club base longer-term. We reiterate our BUY and NOK21 target price.

 PRESS RELEASE

Notifiable trading – Equinor ASA

Notifiable trading – Equinor ASA A close associate to a primary insider in Equinor ASA (OSE: EQNR, NYSE: EQNR) has sold shares in Equinor ASA. Alf Torstensen, close associate to executive vice president Siv Helen Rygh Torstensen, has on 30 April 2024 sold 350 shares in Equinor ASA at a price of NOK 300.90 per share. Details of the sale of shares are set forth in the attached notification. This is information that Equinor ASA is obliged to make public pursuant to Article 19 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegi...

 PRESS RELEASE

Meldepliktig handel - Equinor ASA

Meldepliktig handel - Equinor ASA En nærstående til en primærinnsider i Equinor ASA (OSE: EQNR, NYSE: EQNR) har solgt aksjer i Equinor ASA. Alf Torstensen, nærstående til konserndirektør Siv Helen Rygh Torstensen, har den 30. april 2024 solgt 350 aksjer i Equinor ASA til en pris per aksje på NOK 300,90. Detaljer om salget av aksjer følger av vedlegget til denne meldingen. Denne opplysningen er informasjonspliktig etter artikkel 19 i EU Market Abuse Regulation samt verdipapirhandelloven §5-12. Vedlegg

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.

Steffen Evjen
  • Steffen Evjen

Weekly news, topics & discussion

This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.

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...

Ahmed Ben Salem
  • Ahmed Ben Salem

Equinor : Q1 2024 results top expectations thanks to solid cash flow

>Q1 2023 results 5% ahead of expectations at the operating level and 26% at the net income level - Q1 2024 adjusted EBIT totalled $ 7.5bn, 5% above the consensus, and adjusted net profit was $ 2.57bn, 26% above expectations, with an effective tax rate of 65.8% vs 78% in Q3, with a pleasant surprise in MM&P.Earnings buoyed by the good performance from MM&P - Earnings for the E&P division totalled $ 6.75bn (vs $ 8.4bn in Q4), down by 20% q-o-q and in...

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.

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...

Steffen Evjen
  • Steffen Evjen

Equinor (Hold, TP: NOK300.00) - Upside still hinges on discipline

Equinor reported Q1 adj. EBIT 3% above our estimate and 5% above company-compiled consensus. Moreover, FCF was exceptionally strong at USD6.3bn, albeit helped by USD3.2bn in a working capital tailwind, which to our understanding is unlikely to reverse. We have increased our 2024e FCF to USD11bn (~13% FCF yield), which would leave Equinor with a ~USD3bn net cash position by year-end. Consequently, we expect this to trigger an extension of extraordinary dividends into 2025, which should be welcome...

Ahmed Ben Salem
  • Ahmed Ben Salem

Equinor : Résultats T1 supérieurs aux attentes – Cash-flow solide

>Des résultats T1 2024 5% supérieurs aux attentes au niveau opérationnel et 26% au niveau du RN - L’EBIT ajusté du T1 2024 s’est établi à 7.5 Md$, 5% supérieur au consensus et le résultat net ajusté à 2.57 Md$, 26% supérieur aux attentes avec un taux d’impôts effectif à 65.8% vs 78% au T3 avec une bonne surprise dans MM&P.Des résultats aidés par la bonne performance de MM&P - Le bénéfice de l'E&P ressort à 6.75 Md$ (vs 8.4 Md$ au T4) en baisse de 2...

ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Improving market - BUY the leader

EBIT down 4-1%. Uptick in sold units to continue in Q2'24e. Housing market rebound in the making - BUY

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen

The last strong FCF quarter for a long time

Q1 was solid. Tax and capex will be higher, FCF lower. We stick to SELL, TP to NOK 285 (275) on slightly higher estimates.

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