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


Reports
Date
Date
Comp Name
Doc Title")
Text
2018-11-16T09:28:38+1
Frontline
Good Quarter, Guidance as Expected
2018-11-16T08:57:33+1
Energy
Houston investor trip wrap-up: Oil turmoil adds caution
2018-11-16T07:53:25+1
Fjord1
Strong Quarter Ahead
What's new: Fjord1 to report 3q18 on Tuesday November 20th
Our take: Strong passenger/PBE figures in 3q18 likely to boost earnings through net contracts, tourism and catering. We are c. 5%/8% above CS on EBITDA and EPS, respectively.
2018-11-15T18:21:55+1
Tidewater
A giant is born - GLF vote in favor of the combination
2018-11-15T15:04:17+1
Navigator Gas
Niche is Nice
What's new: 3q18 review and incorporation of Terminal JV.
Our take: Terminal adds to the list of credit strengths and new NOK 600m bond seems like a bargain at 600bps, carrying a security package with 40% LTV on top of its sr. unsecured rank.
2018-11-15T10:41:16+1
Torm
Getting There
2018-11-15T10:28:36+1
Teekay Tankers
Churning Out 30% FCF yield in 4q18
What's new: 3q18 results beating expectations
Our take: Suez days booked at USD 19k/d in 4q lifting our 4q18 EBITDA estimate with c. USD 5m to USD 42m. Stock has highest financial/ operating leverage within our coverage universe. Buy reiterated, TP USD 1.6
2018-11-15T08:43:31+1
E&P Weekly - Week 46
2018-11-14T23:27:40+1
Teekay LNG Partners
Upping Dividends to 19 cents starting 2019
What's new: TGP is increasing DPS to 19 cents starting 1q19 and eliminating K-1
Our take: Initial increase in line with expectations, though 5.5x NIBD/ EBITDA leverage target reduces further upside near-term. TP down to USD 20, Buy reiterated.
2018-11-14T13:41:46+1
MPC Container Ships ASA
Building Competitive Edge
2018-11-14T09:21:21+1
Maersk
FY18 a Done Deal Next Year Resting on Trade
2018-11-14T08:52:40+1
DOF Subsea
Bond Refi Set to Clear the Runway
What's new: Reiterating Buy on credits following 3q18 numbers and bond refi talks.
Our take: Strong underlying performance from long term contracts and c. NOK 0.35bn net liquidity injection from refi (to Fsest NOK 1.3bn YE18) should clear out any runway concerns.
2018-11-14T08:46:11+1
Tidewater
All eyes on 15th November
What's new: 3q18 results
2018-11-13T09:00:04+1
High Yield Weekly - Week 46
2018-11-13T08:37:30+1
Drillers Weekly - Week 46
2018-11-12T09:10:44+1
Shipping Weekly - Week 46
2018-11-12T08:58:59+1
NTS ASA
Diseases Hurting Results
What's new: 3q18 review Reiterate Accumulate and TP NOK 69/sh
Our take: Soft 3q18 results as PD and AGD hurt biological performance in MNH. NFT also below expectations. Reiterate Accumulate on strong 19 outlook.
2018-11-11T22:44:55+1
Salmar
As Good as It Gets
What's new: 3q18 review - Downgrade to Reduce (Accumulate) on demanding valuation
Our take: Knockout quarter from SALM as the 17G truly proved its exceptional biological performance. FY19 guidance in-line with FSest
2018-11-09T08:14:44+1
Austevoll Seafood
Recovery Story Continues
What's new: 3q18 review Lifting TP to NOK 138/sh (NOK 132/sh). Maintain Reduce.
Our take: Despite recovering volumes across both salmon farming and pelagic/fishmeal business continue to push EBITDA to new highs, we find AUSS fully valued at current levels.
2018-11-09T08:09:25+1
Subsea 7
Floor Established Focus on Order Intake and FCF Yield
What's new: 3q18 review, 21% negative revision to 2019-20E EBITDA (excl. IFRS effect)
Our take: With guidance establishing a floor for 2019 earnings, we believe focus will turn towards 2020 and order intake. We see a 20%+ backlog build the next 12 months
2018-11-09T08:07:19+1
Ler??y Seafood Group
Raising the Bar for Biological Performance
What's new: 3q18 review Upgrade to Accumulate (Reduce). TP up to NOK 83/sh.
Our take: Bullish management guidance for both 4q18/FY19 volumes and lower costs in the quarters ahead raise the bar for biological performance over the next 12 months.
2018-11-09T07:53:07+1
Salmar
3q18 First Take: Knock-out Quarter
What's new: 3q18 results EBIT NOK 939m vs. FSest/CS NOK 780m/746m
Our take: Knock-out quarterly results. Reiterates FY18 guidance of 143kt. Slightly soft 19 guidance of 145kt (FSest 147kt | CS 151kt).
2018-11-09T07:48:14+1
Standard Drilling
After a Cold Winter Comes a Burning Summer
What's new: 3q18 results
Our take: Decent quarter and upbeat comments on the North Sea 19 outlook echoes our market view. SDSD remain our top pick to play the NS recovery. Reiterated Buy TP NOK 2.4.
2018-11-08T09:20:49+1
Subsea 7
Numbers in-line but 2019 Guidance Disappoints
What's new: 3q18 results
Our take: In-line quarter, but guidance of a weaker 2019 leaves uncertainty on the table underlying 2019 EBITDA guided down at least 100m vs. expectations.
2018-11-08T08:48:20+1
Aker
Another Record Breaking Quarter
What's new: 3q18 first take
Our take: Aker Energy progressing according to plan and Cognite and Aker Biomarine gaining steam. Upgrade candidate to Buy.
2018-11-08T08:15:36+1
Ler??y Seafood Group
3q18 First Take: Soft Quarter - Strong Guidance
What's new: 3q18 results EBIT of NOK 660m vs. FSest NOK 698m
Our take: Weak results as high trout volumes are dragging down results. Knockout 4q18 and FY19 guidance vs. FSest but in-line with CS expectations.
2018-11-08T08:02:40+1
E&P Weekly - Week 45
2018-11-08T07:44:13+1
Lundin Petroleum
Exploring to the Music of Edvard Grieg
What's new: Updating estimates post 3q18
Our take: Another operationally solid quarter. Still the most expensive NCS barrels, but with less demanding valuation than previously, we upgrade to Reduce (Sell), TP SEK 262/sh (255).
2018-11-07T19:27:50+1
Grieg Seafood
Talk is Cheap Results Needed
What's new: 3q18 review Upgrade to Accumulate (Reduce)
Our take: 19 guidance marginally below expectations. Planned smolt release in 18/19 at >26m adds confidence on 20 volume target of 100kt.
2018-11-07T08:44:27+1
Lundin Petroleum
Another operationally good quarter, net income miss on higher tax rate
2018-11-07T07:56:18+1
Grieg Seafood
3q18 First Take: 19 Guidance 3% Below Expectations
What's new: 3q18 Preview EBIT of NOK 162m vs. FSest 172m
Our take: Figures preannounced so limited excitement towards published figures. 19 volume guidance 3% below FSest.
2018-11-07T07:42:20+1
Norway Royal Salmon
Buy the Dip!
What's new: 3q18 preview Upgrade to Buy from Accumulate
Our take: Uneventful quarter operationally. Despite c. 10% lower FY19 volumes than FSest/CS, yesterdays 14% negative share price reaction seems unwarranted.
2018-11-07T07:18:58+1
Seismic Weekly - Week 45
2018-11-06T17:47:05+1
Bakkafrost
Patience Will Be Rewarded
What's new: 3q18 review
Our take: Mixed quarter from BAKKA. Soft performance and 2019 volume guidance on the negative side, while indications of more volumes than expected in 2020 are encouraging.
2018-11-06T15:57:34+1
Navios Mar. Acquisition
Flat Cash Development in Trough Quarter
2018-11-06T09:02:52+1
Drillers Weekly - Week 45
2018-11-06T08:39:32+1
High Yield Weekly - Week 45
2018-11-06T07:51:50+1
Norway Royal Salmon
3q18 First Take: Uneventful Quarter Soft 19 Guidance
What's new: 3q18 Results EBIT of NOK 35m vs. FSest NOK 25m
Our take: Uneventful quarter following limited volumes harvested. FY19 guidance below FSest/CS as continued biological problems are hurting volume growth.
2018-11-06T07:40:56+1
Bakkafrost
3q18 First Take: Soft Quarter and Guidance
What's new: 3q18 Results EBIT of DKK 168m vs. FSest DKK 191m
Our take: Quarterly results below FSest. due to weak EBITDA-margin from Havsbr??n. Guidance for both 4q18 and 2019 below expectations.
Changes in estimates
Most read last 5 days
about 4 days ago
Shipping Weekly - Week 46
about 3 days ago
Drillers Weekly - Week 46
about 4 days ago
Shipping Morning Report
about 2 days ago
MPC Container Ships ASA
Building Competitive Edge
about 3 days ago
Shipping Morning Report
about 2 days ago
DOF Subsea
Bond Refi Set to Clear the Runway
yesterday
Teekay LNG Partners
Upping Dividends to 19 cents starting 2019
about 23 hours ago
Navigator Gas
Niche is Nice
about 6 hours ago
Fjord1
Strong Quarter Ahead
about 20 hours ago
Tidewater
A giant is born - GLF vote in favor of the combination
about 2 days ago
Tidewater
All eyes on 15th November
yesterday
Shipping Morning Report
about 2 days ago
Shipping Morning Report
yesterday
E&P Weekly - Week 46
yesterday
Teekay Tankers
Churning Out 30% FCF yield in 4q18
about 3 days ago
Energy Morning Report
about 4 days ago
Energy Morning Report
about 2 days ago
Maersk
FY’18 a Done Deal – Next Year Resting on Trade
about 3 days ago
High Yield Weekly - Week 46
about 2 days ago
Energy Morning Report
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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