Cautious optimism ahead of Q2

-11% org. growth, partly due to normalised robotics sales. We see good prospects for improvements in Q2'24e. Lacking short-term triggers for re-rating, we reiterate HOLD.

A soft start to the year

No incremental news on restructuring and soft Q1 numbers. EBIT estimates intact for 2025e-26e. Unattractive risk/reward, SELL reiterated.

All-weather value compounder at work

Another Q1 bounce, orders 7% better, solid execution. Moving closer to semi bottom; adj. EBIT +3%. High P/E, but compounding means core holding for LT investors. HOLD.

Costly sales weigh heavy on the bond

Slow start in Q1e

Sluggish market hitting numbers

Challenging market: EV sales down 18% y-o-y in key markets. Q1 sales of NOK 299m, up 13% y-o-y but weak profitability. Q1 likely to be close to the trough. BUY reiterated.

Demand growing faster than supply - BUY

Q1'24 EBITDA of NOK 5.4bn, '24e-'26e EBIT up 2-3% post report. Market tightening rapidly in Q1 - demand up 5%, supply up 3%. Reiterate BUY — TP NOK 75.

A test of patience

Weak Q1: Sales down 10% y-o-y and soft CF. GM positive. BS/liquidity set to strengthen on cost cuts, WC and seasonality. Slower recovery, but ready when the market turns. BUY.

A decent Q1 while we await the CMD

Q1 2 May with ABG +8% vs. cons. on low-visibility quarter. All days at potential new targets at CMD 7 May, little news on Q1. We stay BUYers on cheap turnaround potential.

DCT peer Vertiv supports a good 2024

Fear about JS decline is probably too high

Johan Sverdrup will soon decline, but unlikely to collapse, and new fields will secure growth from 2027e. We keep BUY and our TP of NOK 365.

Getting prepared

Stable demand in Gothenburg and rebounding project development. That said, the share is expensive; HOLD.

In-line Q1, set up for good earnings growth

Q1 in line, marking low point of growth. Solid earnings growth at reasonable valuation - BUY.

Q1 a non-event, as expected

Uneventful Q1: all eyes on CMD in May

Optimism remains at sell-side lunch

SLAB Q1: positive Q2 outlook

Setback in US ABI in March

No drama, limited ests revisions

Heads-up for report 30 April