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Disclaimer Research
Latest research

Date
Reason
Reason
Industry
Document sector
Pages
Pages
When
Date
Text
Report by
Analyst21
Analyst2
Analyst3
Analyst4

Reason
Newsflash
Industry
Seismic
Pages
7
When
2019-07-18T09:04:51+2
What’s new: 2q19 first take. USD 135m EBITDA vs. FS/CS USD 145/ 143m, EBIT in-line
Our take: Strong vessel bookings with fully booked 4q19 at 35%+ higher rates YoY, net debt in-line, bids and tenders up from last quarter, higher contract share and lower capex guid
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Henrik Prøsch Selnes, Credit Analyst

Reason
Newsflash
Industry
Services
Pages
8
When
2019-07-17T08:44:31+2
What’s new: 2q19 first take - EBITDA 1% below FS, 3% above CS on revenues
Our take: While 2q19 were largely in-line, new 2019 guidance reveals c. 4/ 2% downside to FS/CS 2019E EBITDA. Positive wording but weak 2020 coverage remains a worry.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Industry
Offshore/Oil Services
Pages
69
When
2019-07-16T09:08:05+2


Reason
Results preview
Industry
Services
Pages
18
When
2019-07-16T07:39:19+2
What’s new: 2q19 preview, SUBC sailing up as favourite on additional contract opportunities
Our take: Expectations of high NCS and spot contract activity leaves us 8% above CS 2q19E EBITDA. 2020E coverage decent in light of expectations of strong 2h19 orders.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Results Review
Industry
Services
Pages
16
When
2019-07-15T07:50:50+2
What’s new: 2q19 review. Down to Hold TP NOK 14 (Buy TP 17) on short-term headwinds
Our take: Strong results offset by weak 2020 backlog following project deferral. Estimate headwinds ahead with few expected 2h19 awards
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Results preview
Industry
Services
Pages
16
When
2019-07-15T07:14:58+2
What’s new: 2q19 preview. 2% downward revision of 2019-21E EBITDA
Our take: Increased worries on 2020E following weak order intake, FSest. NOK 635m EBITDA 2% above CS. Highly attractive valuation, though stay put over numbers.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Industry
Shipping
Pages
1
When
2019-07-15T05:56:27+2


Industry
Tankers
Pages
25
When
2019-07-14T19:04:05+2
What’s new: 2q19 previews, increasing asset values and real inflection point ahead
Our take: Rates surprised positively YTD with VLCCs earning c. USD 30k/d despite massive headwinds. Those headwinds are soon to revert to tailwinds. Sector Buy reiterated.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst


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Truls Olsen | Managing Director | Research

Interview with MPC Container Ships. Constantin Baack (CEO, MPC Container Ships)

Published

May 13, 2019