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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
Containers
Pages
7
When
2019-05-27T09:05:26+2
What’s new: 1q19 results largely in line
Our take: MPCC continues generating cash above its CBE despite a depressed feeder market. We see limited downside risk from both liquidity- and steel perspective. Buy.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Henrik Prøsch Selnes, Credit Analyst

Industry
Shipping
Pages
120
When
2019-05-27T07:52:04+2


Reason
Credit Research
Industry
Services
Pages
14
When
2019-05-24T15:56:11+2
What’s new: Updating estimates post 1q19 results
Our take: Strong operational q. While a shrinking backlog and limited opportunities for work in 2019 is concerning, we believe strong liquidity will bridge Floatel through recovery.
Report by
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst

Reason
Newsflash
Industry
Tankers
Pages
7
When
2019-05-24T09:25:00+2
What’s new: First take on 1q19 results
Our take: Strong results as expected, largely driven by strong Aframax earnings. Recent VLCC datapoints makes OET one of the most attractive tanker longs.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Henrik Prøsch Selnes, Credit Analyst

Reason
Newsflash
Industry
Containers
Pages
7
When
2019-05-24T09:03:46+2
What’s new: 1q19 results largely matching expectations
Our take: Clarity on Oil proceeds and strong CF conversion main highlights. Uncertainty remains high though, both on freight rates, volumes and bunker cost.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Results Review
Industry
FPSO
Pages
14
When
2019-05-24T07:21:22+2
What’s new: 1q19 review, new NOK 60/sh (57) TP and downgade to accumulate (Buy)
Our take: Strong performance on Dussafu and IPO plans driving outperformance. More to go on and several upcoming triggers. 2019-21E EBITDA largely left unchanged
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Newsflash
Industry
Gas
Pages
8
When
2019-05-23T12:56:51+2

Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst


Reason
Newsflash
Industry
FPSO
Pages
8
When
2019-05-23T08:48:14+2
What’s new: 1q19 first take, EBITDA of USD 187m well above FS/ CS USD 171m/ 161m
Our take: Strong EBITDA beat and production hike overshadowed by divestment plan of BW Energy in 2019. We believe this will benefit BWO shareholders. Buy maintained
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Reason
Newsflash
Industry
Offshore Support
Pages
8
When
2019-05-23T08:45:16+2

Report by
Henrik Prøsch Selnes, Credit Analyst
Gustaf Amlé, Credit Analyst

Reason
Newsflash
Industry
Drilling
Pages
8
When
2019-05-23T08:44:09+2

Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Gustaf Amlé, Credit Analyst

Industry
Offshore/Oil Services
Pages
29
When
2019-05-22T08:55:32+2


Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2019-05-22T08:20:07+2
What’s new: 1q19 First Take: EBIT NOK 806m vs. FSest/CS NOK 774m/883m
Our take: Overall farming performance fairly in line with FSest (but -14% below CS) as higher cost in both Central- and Northern-Norway impact EBIT/kg.
Report by
Lars Konrad Johnsen, Analyst

Industry
Aquaculture
Pages
6
When
2019-05-21T19:45:38+2
Report by
Lars Konrad Johnsen, Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2019-05-21T15:17:31+2

Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Henrik Prøsch Selnes, Credit Analyst

Reason
Newsflash
Industry
Tankers
Pages
7
When
2019-05-21T12:14:11+2
What’s new: Contemplating equity placement
Our take: Placement to cover instalments through 3q19. HUNT remains an attractive tanker vehicle, either on standalone basis or as an M&A target. Buy reiterated. TP NOK 5.2.
Report by
Peder Nicolai Jarlsby, Analyst
Espen L. Fjermestad, Analyst
Henrik Prøsch Selnes, Credit Analyst

Industry
Fixed Income E&P
Pages
36
When
2019-05-21T08:58:22+2


Reason
Results preview
Industry
FPSO
Pages
14
When
2019-05-21T08:42:36+2
What’s new: 1q19 preview, new TP NOK 57 (56), 2% positive revision to 19-21E EPS
Our take: Two liftings in 1q19 suggests beat to consensus (FS 11% above on EBITDA). Limited new information on Maromba expected. Buy reiterated
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Industry
Offshore/Oil Services
Pages
70
When
2019-05-21T08:36:14+2


Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2019-05-21T08:27:46+2
What’s new: 1q19 First Take: EBIT NOK 164m vs. FSest/CS NOK 169m/186m
Our take: Mixed quarter from as continued strong performance in Region North is offset by another weak quarter from Region South. Considering strategic alternatives for Region South.
Report by
Lars Konrad Johnsen, Analyst

Reason
Results preview
Industry
Containers
Pages
13
When
2019-05-20T23:20:13+2
What’s new: 1q19 preview
Our take: Consensus already expecting a beat on FY’19, whilst uncertainty remains high with regards to freight rates, volumes and bunker costs. Overall poor risk/ reward.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Industry
Shipping
Pages
120
When
2019-05-20T08:34:54+2


Equity & Credit Research

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Truls Olsen | Managing Director | Research

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

Published

May 13, 2019