Orkla ASA: 1 director

A director at Orkla ASA bought 12,500 shares at 78.995NOK and 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 last two years clearly sho...

Orkla (Hold, TP: NOK81.00) - Signs of light

Orkla’s Q1 results were slightly above consensus, with positive developments in volume and gross margin. Nevertheless, we reiterate our HOLD and NOK81 target price, as we continue to find the valuation fair, and we have made only minor estimate revisions.

Orkla (Hold, TP: NOK81.00) - Q1 slightly above consensus

We consider this a slightly positive report, including figures above consensus on higher-than-expected organic growth, a slight contribution-margin improvement, and no significant change in outlook. We expect 1–2% positive revisions to consensus 2024e adj. EBIT, and believe a slightly positive share price reaction is warranted.

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 ...

Carlsberg AS: 1 director

A director at Carlsberg AS bought 499 shares at 944.575DKK and the significance rating of the trade was 71/100. 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 sh...

Guidance looks low and consensus high

2024e forecasts unchanged, '25e-'26e up by 1-2%. Q1 was a good start to a busy year. HOLD, TP of DKK 1,000.

Carlsberg (Buy, TP: DKK1110.00) - Solid start to the year

Overall, we consider the Q1 results a solid start to the year, with China’s and the premium beer momentum especially encouraging and supporting our view that the unchanged 2024 guidance looks conservative. We see room for positive earnings momentum throughout the year, with good weather providing upside potential. We thus reiterate our BUY and DKK1,110 target price.

ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

Growth slightly ahead but lack of upgrade likely to disappoint

Nokian Renkaat Oyj : Début d’année plus difficile que prévu

>Résultats inférieurs aux attentes mais guidance confirmée - Nokian Tyres a publié des résultats T1 2024 nettement inférieurs à nos attentes et celles du consensus avec un CA seulement stable à 237 M€ (consensus 265 M€) et un EBIT ajusté de -15 M€ (consensus +4 M€, ODDO BHF -3 M€), notamment pénalisé par des facteurs externes (grèves en Finlande, impacts Mer Rouge) qui ont davantage impacté sa production que ce que nous anticipions (impact CA de ~25 M€ au T1) et qui ...

Nokian Renkaat Oyj : A tougher start to the year than expected

>Earnings short of estimates but guidance confirmed - Nokian Tyres reported Q1 2024 earnings far below our estimates and those of the consensus with sales merely stable at € 237m (consensus € 265m and adjusted EBIT of -€ 15m (consensus +€ 4m, ODDO BHF -€ 3m), notably penalised by external factors (strikes in Finland, disruptions in the Red Sea) which have hit the group’s production harder than we expected (sales impact of ~€ 25m in Q1), and which should continue to af...

Nokian Tyres (Hold, TP: EUR9.00) - Soft Q1, with or without setbacks

The Q1 results were below our expectations, even after adjusting for the negatives on the group profit from the political strikes in Finland and the Red Sea conflict. On a positive note, the PCT price/mix was guided to hold up well, partly offsetting our revised lower sales expectations, while the Romanian factory appears to be ramping up on schedule. We reiterate our HOLD but have cut our target price to EUR9.0 (9.5), after lowering our 2024–2026e clean EBIT by c6% on average.

A lot to like now organic growth has turned

Q1e: earnings beat as Network Solutions returned to org. growth. We raise '24e-'26e adj. EBITDA-capex by 3-4% on 3-4% higher sales. Low valuation, fruitful cost savings and easy comps: up to BUY (Hold).

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).

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.

SpareBank 1 Helgeland (Hold, TP: NOK134.00) - Turn in NII momentum

Helped by strong trading income, HELG reported a Q1 ROE of ~12% versus its >11% target, despite the pre-announced elevated loan losses. With one less interest day and margin pressure, ‘real NII’ fell 2.2% QOQ. While down QOQ, the CET1 ratio remained solid at 18.1% (>16.5% target). We have cut our 2025–2026e EPS by ~3–5%, driven by lower NII, and lowered our target price to NOK134 (139). Trading at a 2025e P/E of ~9.0x, we continue to find a more attractive risk/reward elsewhere in the sector and...

NP 3% below, cost cuts paused

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

Konecranes (Buy, TP: EUR55.00) - No drama

We have made limited changes to our 2024–2026 forecasts following an overall neutral Q1 (minor order miss but small profit beat versus our expectations), and an unchanged market outlook and 2024 guidance. We reiterate our BUY and EUR55 target price.

Tough comps, but solid underlying progress