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


Reports
Date
Date
Comp Name
Doc Title")
Text
2019-01-23T08:59:05+1
Seismic Weekly - Week 4
2019-01-23T00:29:55+1
Seafood
Slow December Harvest and Healthier Biology Boosts Biomass Growth
2019-01-22T09:07:58+1
High Yield Weekly - Week 4
2019-01-22T08:50:17+1
Drillers Weekly - Week 4
2019-01-21T08:02:42+1
Shipping Weekly - Week 4
2019-01-18T09:05:13+1
Spectrum
A Solid Start to the New Year
What's new: 4q18 preview
Our take: Pre-announced numbers in line with expectations. Close to 100% of FSest. 1h19 multi-client investments committed, upside potential from new surveys. 18% 19E FCF yield
2019-01-18T09:03:41+1
TGS-Nopec Geophysical
Downside Protection with Upside Leverage
What's new: 4q18 and CMD preview
Our take: A strong FCF and operational leverage leaves TGS a solid bet in the current climate. We see room for significant higher dividends, even in event of disappointing sales
2019-01-18T09:01:40+1
Petroleum Geo-Services
Hero to Zero to Superhero?
What's new: Upgrade to Buy following recent sell-off and improved liquidity
Our take: 4q18 sell-off and improved liquidity through asset sale and strong 4q18 now makes PGS an attractive investment in a recovering oil market. High risk, high reward.
2019-01-18T08:58:29+1
Polarcus
Best Booking in Class
What's new: 4q18 preview and estimate updates post new contracts. New TP NOK 2.4 (2.6)
Our take: PLCS has impressed through strong bookings over the last three months. Increasing 2019E EBITDA by 5% we find ourselves c. 15% above CS
2019-01-18T08:41:41+1
Seismic
A Strong Start, but More to Go on
What's new: 4q18 previews and analyst coverage transition
Our take: We expect a continuation of the strong start to the year supported by our positive view on oil. Go asset light if unsure on oil market fundamentals, heavy if positive.
2019-01-18T07:55:53+1
Aker BP
Delivering on all fronts
What's new: Updating estimates post CMD
Our take: A strong CMD from AKERBP demonstrating not just value creation potential, but also providing transparency on what it takes to deliver it. Buy, TP NOK 360/sh (350).
2019-01-17T11:53:46+1
Aker
Reaping NCS Success, Ghana Next?
What's new: Updated target and upgrade to Buy, impact of Aker BP dividend hike
Our take: Upstream dividends of NOK 45/ 49 per share in 2019/20E supports DPS in higher end of policy (NOK 26/ 5% yield). Significant upside potential from appraisal wells and POD
2019-01-17T08:16:55+1
E&P Weekly - Week 3
2019-01-17T08:16:05+1
Aker BP
CMD first take: Significant dividend hike, higher production potential
2019-01-17T08:08:16+1
Mowi
4q18 Trading Update: EBIT 7%/9% Below FSest/CS
What's new: 4q18 Trading Update EBITadj. EUR 201m vs. FSest/CS EUR 217m/220m
Our take: Underlying performance marginally below expectations with EBIT/kg of EUR 1.90/kg vs. FSest EUR 1.96/kg. Harvest volumes -4.1% below guidance due to slightly lower than expected volumes outside Norway.
2019-01-16T09:29:24+1
Havilafjord AS - Contemplated up to NOK 250m sr. secured Tap Issue
2019-01-16T08:29:14+1
Faroe Petroleum
Suspension of coverage
2019-01-16T07:53:58+1
Seismic Weekly - Week 3
2019-01-15T09:23:09+1
High Yield Weekly - Week 3
2019-01-15T09:10:20+1
High Yield Perspectives Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
2019-01-15T08:55:20+1
Seafood Perspectives: Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
2019-01-15T08:54:13+1
Shipping Perspectives Highlights from the Astrup Fearnley Shipping and Offshore Conference 2018
2019-01-15T08:52:27+1
Offshore Perspectives: Highlights from the Astrup Fearnley Shipping and Offshore Conference 2019
2019-01-15T08:36:57+1
Drillers Weekly - Week 3
2019-01-14T09:11:13+1
Shipping Weekly - Week 3
2019-01-14T08:47:38+1
Seabird Exploration
Soaring Higher on Stronger Updraft
What's new: Initiating coverage Buy TP NOK 2.5
Our take: Clear run-away, high operational leverage, and tight vessel supply in 2019. SBX offers an enticing risk/ reward. We find EV more than justified by 2019-21E FCF
2019-01-14T08:00:23+1
Aker BP
Ahead of CMD: Hunting for value in every way
What's new: CMD 17 January
Our take: Main topics expected to be 2019 guidance and update on strategy and its asset improvement agenda. Trading at 14% discount to NAV, we reiterate Buy, TP NOK 350/sh.
2019-01-13T17:00:13+1
Mowi
Unchanged Outlook Warrants Upgrade
What's new: Result preview ahead of 4q18 trading update and upgrade to Buy from Accumulate following soft share performance.
Our take: FSest 4q18 EBIT of EUR 217m vs. CS EUR 210-220m range.
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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