Strong 4q17 results update, tender- and bond issue
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
High Yield Weekly Week 3
Drillers Weekly - 3
More resources, value and dividend
What's new: Updating valuation and estimates after Capital Markets DayOur take: We update estimates and incorporate higher
Christmas came early but brace for a long winter
What's new: Revising estimates following order bonanza + rolling out 2020 estimatesOur 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)
Shipping Weekly - Week
Raises dividend, increasing resources
Waiting for the fishing to start
What's new: Lower salmon price estimates, lower pelagic catch estimatesOur 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).
Diversity offers more stability
What's new: Cutting estimates due to lower salmon price assumptionsOur 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).
Ler??y Seafood Group
Facing the music
What's new: Downgrading on softer outlook for salmon pricesOur take: After two strong years, salmon prices are normalizing. We downgrade to Reduce (Accumulate), and lower our TP to NOK 39/sh, (52/sh).
Premium player still looks pricey
What's new: Downgrading to Sell on weaker salmon price outlookOur 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.
Safer, but no safe haven
What's new: Downgrading the sector on lower salmon price estimatesOur take: We downgrade to Reduce (Accumulate), and lower TP to NOK 220/sh (290).
Facing headwinds in 2018
What's new: New price estimates, and downgradeOur 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
Salmon market replays 2011 supply shock
What's new: Lowering our salmon price estimates substantiallyOur 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.
E&P Weekly - Week
Moving when the market is open
What's new: ESV to issue USD 500m 2026 note- buying back 2019-2021 bondsOur take: ESV is again pro-active, using the positive sentiment to opportunistic access the market to extend its liquidity runway. Thus further bolster the
Drillers Weekly - Week 2
Offshore Drillers Sector Update: The waiting game
Seismic Weekly - Week 2
High Yield Weekly - Week
Shipping Weekly - Week 2
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.
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