reports
- Christoffer Wang Bjørnsen
Airthings (No_rec, TP: NOK) - Recommendation and target price withdraw...
As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.
- 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...
- Christoffer Wang Bjørnsen
Smartoptics (Buy, TP: NOK27.00) - We remain optimistic
Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.
- Jørgen Lian
Teekay Tankers (Buy, TP: USD63.00) - Limited risk, solid upside potent...
Tanker freight markets appear healthy to us, with potential catalysts on more OPEC+ volumes and further pressure on the large shadow fleet. We like the Teekay Tankers case, with its cash balance and scrap values covering 65% of its share price, and the former plus the value of its fleet offering 30% potential upside at current asset values, before accounting for other parts of the business. We reiterate our BUY and USD63 target price.
- Jørgen Lian
Wilh. Wilhelmsen Holding (Buy, TP: NOK525.00) - Set to receive ample d...
We believe the company is set to receive ample cash distributions from its Wallenius Wilhelmsen stake, in addition to other cash flow, which accounts for 73% of its current market cap by end-2027e. Hence, we see highly attractive value in the stock, as we expect a tightening valuation gap given it does not make sense to us to apply the ~50% discount on a building cash pile. We reiterate our BUY, but have cut our target price to NOK525 (605) on our updated value of its holdings.
- Oliver Røst Benneballe
Gubra (Buy, TP: DKK750.00) - CRO off to a weak start to the year; focu...
Contract research organisation (CRO) posted c-14% YOY organic sales growth (we forecast 7.0%) and a 21.3% adj. EBIT margin (we forecast 28.8%) for Q1. While the company had flagged limiting CRO organic growth (to prioritise R&D), we find c-14% organic growth disappointing. Discovery & partnership (D&P) posted revenue of DKK6.9m (we forecast DKK9.5m) and adj. EBIT of DKK-54.2m (we forecast DKK-41.1m). We expect the stock to underperform the market today.
- Jørgen Lian
Klaveness Combination Carriers (Buy, TP: NOK109.00) - Business case st...
We consider the weaker-than-expected Q2 guidance a ‘bump in the road’, and expect trading performance to improve into H2. We thus see limited changes to the long-term investment case. Further, the company remains mostly spot-exposed on its tanker capacity, which we find supportive given our constructive outlook on the segment with plenty of potential catalysts. Hence, we reiterate our BUY, but have lowered our target price to NOK109 (112).
- Simen Mortensen
Kojamo (Buy, TP: EUR12.00) - Occupancy is improving
Kojamo reported a Q1 EPRA occupancy rate of 92.8% (+40bp YOY), with further improvement in March to 93.5%, driven by lower tenant turnover and incentives for new signings. EBIT exceeded our estimate by 2% and Infront consensus by 3%, but EPRA earnings missed our forecast (by 10%) due to higher funding costs. Despite the EPRA EPS miss, Kojamo reiterated its full-year FFO guidance. We have raised our adj. EPS (FFO) forecasts for 2025−2027 by 2–5% due to lower market interest rates. We reiterate ou...
- Jørgen Lian
Genco Shipping & Trading Minor model adjustments
We have updated our estimates for the company’s Q1 results and other minor model adjustments. Hence, we have raised our 2025–2026e EBITDA by 1%, while we lowered our 2027e by 1%. We maintain that Genco’s steep discount to underlying values (0.57x EV/GAV) more than offsets the downside risk to our muted near-term outlook for the dry bulk segment and the entailing risk of negative momentum in asset valuations. Further, the company demonstrated an ability to adjust its quarterly reserve to facilita...
- Jørgen Lian
Odfjell SE (Buy, TP: NOK170.00) - Gear up for renewed momentum
We believe the low 3% swing tonnage and solid tanker outlook on increased OPEC+ volumes, an ageing fleet, and modest supply growth, along with higher chemical volumes, point to a strong chemical tanker outlook. We estimate a 2025 earnings yield of 26% and find Odfjell attractive at an average 2025–2026e P/E of 3.5x (tanker peers: 5.8x). We reiterate our BUY, but have cut our target price to NOK170 (180), mainly due to FX effects.
- Jørgen Lian
Navigator Holdings Ltd (Buy, TP: USD18.00) - Choppy waters, healthy ca...
The LPG shipping market is facing multiple headwinds – trade tensions, Iran risk, and potential OPEC+ crude increases – all weighing on freight prospects. However, ethane, which makes up most of Navigator’s near-term spot exposure, is likely exempt from the trade war. Thus, combined with steady terminal earnings, we still expect healthy cash flows. We reiterate our BUY, but have reduced our target price to USD18 (23) on higher risk.
- Jørgen Lian
A. P. Møller Mærsk (Sell, TP: DKK9400.00) - Resistance to gravity seem...
The Q1 report was largely as expected, albeit with support in the results related to mostly passing effects. Hence, we retain our view that the chronic oversupply of vessels will deteriorate the current value of the company. On rates converging towards 2016 levels, it should burn through more than USD13bn by the end of our forecast period, with no respite in sight due to the towering orderbook and owners still willing to order. We reiterate our SELL, but have raised our target price to DKK9,400 ...
- Ole Martin Westgaard
Norwegian Air Shuttle (Buy, TP: NOK16.00) - Positive 2025 outlook
While underlying Q1 results were weaker than we expected, we still see a positive outlook for 2025, with solid bookings, a narrowed CASK guidance supported by a NOK1bn profit improvement programme by 2026, FX, and fuel tailwinds. We reiterate our BUY, but have cut our target price to NOK16 (17) on estimate reductions.
- Jørgen Lian
Wallenius Wilhelmsen ASA (Buy, TP: NOK87.00) - Still-attractive value
We have cut our near-term forecast to reflect heightened uncertainty and more cautious full-year guidance, but remain confident that the majority (79%) of the current market cap should be derisked by end-2027e, leaving an attractive stub value for the long-term business potential in the world-leading car carrier. We reiterate our BUY, but have cut our target price to NOK87 (91).
- Martin Huseby Karlsen
- Martin Huseby Karlsen
Seadrill (Buy, TP: USD35.00) - Countdown to 2027
Despite a tough deepwater market, on our estimates, Seadrill is trading at a c4x EV/EBITDA for 2025–2026e, falling to 2.8x for 2027e (with our 2026–2027e EBITDA 21–23% below consensus). We see limited cash flow yield potential near-term, rising to c15% for 2027e. Tier-2 rig challenges have been a key investor concern, and while we model only a small contribution from these rigs (7–5% of our 2026–2027e EBITDA). We estimate c50% upside potential on asset values even in a scenario where we assign z...
- Håkon Astrup
SpareBank 1 Østlandet (Hold, TP: NOK168.00) - Improving asset quality
Supported by continued lending growth, low loan losses and good fee income growth, the Q1 ROE was 14.1%, despite somewhat elevated costs and slightly weaker NII. The capital position remains strong, with an end-Q1 CET1 ratio of 17.1% that should be further supported by upcoming regulatory changes. We have lowered our 2026–2027e EPS by ~1–2%, but reiterate our HOLD and NOK168 target price.
- Simen Mortensen
Veidekke (Hold, TP: NOK150.00) - Q1 was a supportive non-event
Q1 EBIT was NOK-43m, slightly below our forecast, with low seasonal profits due to winter effects in the asphalt operations. This is a seasonally insignificant quarter for the company due to the winter season, and, for context, we expect 2025 EBIT of NOK1.7bn. Order intake and backlog were the Q1 strong points. With the results and commentary supportive of our earnings forecasts, we have made minor estimate changes on the group level and reiterate our HOLD, but have cut our target price to NOK15...
- Rune Majlund Dahl
Zealand Pharma (Buy, TP: DKK950.00) - Dapiglutide likely next catalyst
Q1 revenue missed expectations on lower reimbursement revenue, while operating profit was a beat, as opex was below our forecast and consensus. The 2025 guidance was maintained for opex of DKK2,000m–2,500m. We believe the next potential share-price catalyst is the top-line results from the phase Ib dapiglutide trial in Q2e. We reiterate our BUY, but have cut our target price to DKK950 (1,000).
- Niclas Gehin
Kongsberg Gruppen (Sell, TP: NOK1250.00) - Expectations are set too hi...
We have downgraded Kongsberg Gruppen to SELL (HOLD) and lowered our target price to NOK1,250 (1,450). We believe the 2025e P/E of 46x overstates its growth capabilities 1) on an absolute basis, in a scenario where all of NATO reaches defence spending of 3.3% of GDP; and 2) compared to other defence companies as, in our view, the market appears to miss that only 20% of its 2024 sales were from European defence spending.
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