Fearnley Securities
Where industry experts go for advice.
Fearnley Securities
Where industry experts go for advice.


Reports
Date
Date
Comp Name
Doc Title")
Text
2018-1-17 18:18
Noble Corp
Strong 4q17 results update, tender- and bond issue
2018-1-16 11:10
Marine Harvest
Volumes surprise on upside
What's new: Trading update 4q 2017 operating EBIT EUR 177m (FS 168m, CS 172m)
Our take: Volumes of 113,000 (FS 112,000t) highlight a well-supplied market, support our cautious NOK 53/kg price estimate for 2018. Reiterate Sell, TP NOK 115/sh
2018-1-16 08:57
High Yield Weekly Week 3
2018-1-16 08:48
Drillers Weekly - 3
2018-1-16 08:23
Aker BP
More resources, value and dividend
What's new: Updating valuation and estimates after Capital Markets Day
Our take: We update estimates and incorporate higher
2018-1-15 18:37
Aker Solutions
Christmas came early but brace for a long winter
What's new: Revising estimates following order bonanza + rolling out 2020 estimates
Our take: With limited new awards on the horizon and a challenging 2020, we believe expectations are too high and downgrade AKSO to Sell (Accumulate) with a NOK 40 TP (43)
2018-1-15 09:06
Shipping Weekly - Week
2018-1-15 08:55
Aker BP
Raises dividend, increasing resources
2018-1-11 17:52
Austevoll Seafood
Waiting for the fishing to start
What's new: Lower salmon price estimates, lower pelagic catch estimates
Our take: We are lowering our salmon price estimate to NOK 53/kg for 2018-2019, which cuts estimates substantially. We downgrade to Reduce (Accumulate), TP NOK 64/sh (84).
2018-1-11 17:51
NTS ASA
Diversity offers more stability
What's new: Cutting estimates due to lower salmon price assumptions
Our take: Salmon farmer and no. 3 global live fish carrier owner offers a unique exposure to both salmon farming and aquaculture services. Accumulate, new TP NOK 47/sh (51).
2018-1-11 17:47
Ler??y Seafood Group
Facing the music
What's new: Downgrading on softer outlook for salmon prices
Our take: After two strong years, salmon prices are normalizing. We downgrade to Reduce (Accumulate), and lower our TP to NOK 39/sh, (52/sh).
2018-1-11 17:46
Bakkafrost
Premium player still looks pricey
What's new: Downgrading to Sell on weaker salmon price outlook
Our take: BAKKAs relative cost position no longer much lower than Norwegian producers. We downgrade to Sell (Reduce) and lower our TP to NOK 260/sh from NOK 340/sh.
2018-1-11 17:45
Salmar
Safer, but no safe haven
What's new: Downgrading the sector on lower salmon price estimates
Our take: We downgrade to Reduce (Accumulate), and lower TP to NOK 220/sh (290).
2018-1-11 17:44
Marine Harvest
Facing headwinds in 2018
What's new: New price estimates, and downgrade
Our take: After two strong years, salmon prices are normalizing, while costs remain elevated. We downgrade to SELL (Reduce) and lower our TP to NOK 115/sh
2018-1-11 17:40
Nordic Aquaculture
Salmon market replays 2011 supply shock
What's new: Lowering our salmon price estimates substantially
Our take: We see downside to salmon equities as the market adjusts to a likely long-term price in the low NOK 50/kg range vs NOK 60/kg in 2016-2017.
2018-1-11 08:20
E&P Weekly - Week
2018-1-10 22:15
Ensco PLC
Moving when the market is open
What's new: ESV to issue USD 500m 2026 note- buying back 2019-2021 bonds
Our take: ESV is again pro-active, using the positive sentiment to opportunistic access the market to extend its liquidity runway. Thus further bolster the
2018-1-10 08:49
Drillers Weekly - Week 2
2018-1-10 08:45
Offshore Drillers Sector Update: The waiting game
2018-1-10 08:08
Seismic Weekly - Week 2
2018-1-09 08:17
High Yield Weekly - Week
2018-1-08 08:56
Shipping Weekly - Week 2
2018-1-08 08:24
Faroe Petroleum
Deep value for the patient ones
What's new: Initiate Equity and Credit coverage of Faroe Petroleum (FPM)
Our take: Attractive growth portfolio with potential to 3x production by 2022 at attractive valuation.
2018-1-08 08:00
E&P
Oil market tightening
What's new: Sector update, introducing 2020E & initiation of Faroe Petroleum (FPM)
Our take: Oil market fundamentals have improved in 2h17. FPM offers long term growth at low price, initiate at Buy, TP GBP 1.50/sh
Changes in estimates
Fearnley Securities AS was established in 1987 as an independent full service investment bank within the Astrup Fearnley Group.
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Fearnley Securities was founded in 1987 on the premise to capitalize on the long maritime traditions, strengths and resources within Astrup Fearnley.
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