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Latest research

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

Industry
Offshore/Oil Services
Pages
20
When
2020-10-21T08:40:53+2


Industry
Fixed Income
Pages
47
When
2020-10-20T09:24:02+2


Industry
Offshore/Oil Services
Pages
60
When
2020-10-20T08:41:58+2


Industry
Shipping
Pages
97
When
2020-10-19T09:23:23+2


Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2020-10-16T08:12:19+2
What’s new: 3q20 results – First Take
Our take: Numbers in line. Key talking point is SN Power acquisition where SSO pays USD 2.3m / MW
Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Industry
Aquaculture
Pages
14
When
2020-10-16T07:39:41+2
What’s new: Summary of Fearnley Securities Aquaculture Seminar hosted 14 October
Our take: It’s no longer a question of “if”, but “when” for land-based salmon farming. Several facilities under development and a lot of promising projects coming up.
Report by
Nils Thommesen, Analyst

Industry
Energy
Pages
73
When
2020-10-15T08:43:31+2


Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2020-10-15T07:50:58+2
MOWI posted their trading update this morning, with preliminary 3q20 Operational EBIT of EUR 80m (25%/16% above FSest/CS). Harvest volumes came in 2,000 tonnes below our estimate of 128,000 tonnes, driven by somewhat lower harvested volumes in Norway (minor differences in other regions). As such, the beat on our estimates stems from higher margins in Chile and Canada, partly offset by lower margins in Scotland. We find the update an encouraging sign that MOWI are able to gradually lower its cost in the farming segment (FSest EUR 0.2/kg lower costs q/q in 3q20). Overall, a positive update from MOWI, with a solid EBIT beat. We rate MOWI Buy at NOK 200/sh.NIBD higher than FSest – Downside for dividend payment in 4q20NIBD (excl. IFRS 16) stands at approximately EUR 1,460m, some EUR 50m above our expectations. From our understanding, much of this is attributed to higher taxes paid in the quarter than normal as a result of Norwegian Authorities allowing tax payments due in 2q20 to be delayed as a COVID-19 relief measurement. Further, MOWI purchased license growth in this summer’s auction of c. EUR 29m. Thus, MOWI is positioned above their long-term NIBD target of EUR 1,400 which increases the downside risk for a dividend announcement for 4q20. However, we expect MOWI to resume a quarterly dividend payment of NOK 1.8/sh from 2021 onwards, increasing to NOK 2.4/sh in 2022. Downside to estimates with COVID continuing to impact fundamentalsSalmon prices have been soft as of late, due to seasonally high volumes from Norway. Although we expect prices to pick up over the coming months, we see some downside to our 4q20 salmon price estimate of EUR 5.3/kg given the recent development in infection rates in Europe. Undoubtedly, we will not see a full return of the foodservice segment in 2020 as both catering and hotel demand is low – and although retail demand is strong, we had envisioned a more “normalized” situation by year end 2020. Thus, without the downside support from a weak NOK in their P&L and incorporating today’s result, we see downside of some 20-25% downside to our 4q20 EBIT estimate of EUR 175m, and in turn 8-10% downside for our overall FY’20 EBIT estimate. Mowi ASA      EURm3q203q20eDevCS 3q20E2q203q19Operational EBIT (Adj.)8064166999148Balance Sheet Items3q203q20eDevCS 3q20E2q203q19NIBD (excl IFRS 16)1,4601,411491,3801,230Segment Reporting3q203q20eDevCS 3q20E2q203q19 Harvest Volume (Tonnes)Norway76,50079,000-2,500-56,59863,407Scotland16,00017,000-1,000-14,57219,634Canada12,00011,500500-11,41615,786Chile16,50016,5000-14,22714,137Ireland3,0002,500500-4,0022,012Faroes2,0001,500500-3,4882,013Total Farming126,000128,000-2,000-104,303116,989 EBIT/kg Incl. S&M + Feed (EUR)Norway0.850.830.021.061.64Scotland0.350.50-0.140.991.33Canada-0.55-1.150.60-0.67-0.01Chile0.550.220.330.821.32Ireland1.852.49-0.643.851.14Faroes1.30-0.051.34 1.891.44Total Group0.640.500.140.951.26
Report by
Nils Thommesen, Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-10-14T08:30:30+2


Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2020-10-14T07:48:33+2

Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Industry
Fixed Income
Pages
47
When
2020-10-13T09:27:25+2


Reason
Update
Industry
Containers
Pages
14
When
2020-10-13T08:59:56+2
What’s new: MAERSK sees USD 7.5-8.0bn of EBITDA in 2020 (prev. 6-7bn)
Our take: We believe company generates close to USD 10bn of run-rate EBITDA presently. With a very favourable S&D outlook for ’21-22 we lift our estimates with c. 10%. Buy.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Offshore/Oil Services
Pages
60
When
2020-10-13T08:33:31+2


Industry
Shipping
Pages
100
When
2020-10-12T08:40:28+2


Reason
Update
Industry
Seismic
Pages
17
When
2020-10-12T07:29:09+2
What’s new: Lowered target price – Sell recommendation maintained, TP NOK 85 (105)
Our take: We expect 2021 to suffer as momentum build in 2h20 will be minimal compared to last year.
Report by
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Seismic
Pages
7
When
2020-10-09T08:38:11+2

Report by
Øystein Vaagen, Analyst
Gustaf Amlé, Equity and Credit Analyst

Reason
Update
Industry
Renewable energy
Pages
26
When
2020-10-09T07:38:54+2
What’s new: Initiation of coverage.TP NOK 30/sh. Buy
Our take: Key market segments are set to tighten in coming years, with OHT positioned to benefit from higher dayrates through signed assets + option for additional vessels. Buy
Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst
Nils Thommesen, Analyst

Reason
Newsflash
Industry
Drilling
Pages
7
When
2020-10-08T16:42:33+2

Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Seismic
Pages
7
When
2020-10-08T08:02:49+2

Report by
Øystein Vaagen, Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-10-07T08:37:06+2


Industry
Fixed Income
Pages
44
When
2020-10-06T09:18:24+2


Industry
Offshore/Oil Services
Pages
60
When
2020-10-06T08:57:44+2


Reason
Update
Industry
Renewable energy
Pages
29
When
2020-10-06T07:07:03+2
What’s new: Initiating coverage – Buy TP NOK 11/sh
Our take: With proven carbon capture technology and contracts awarded, ACC is set to be a go to carbon capture player with retrofit potential in most industrial plants globally.
Report by
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

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VLGC Market Outlook with Fearnresearch

Our Equity Analyst, Peder Nicolai Jarlsby and Senior Analyst LPG, Martin Kjendlie goes in-depth on the booming VLGC market. Watch the full video in our research portal.

Published

October 16, 2019