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Disclaimer Research
Latest research

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

Reason
Results preview
Industry
Other Shipping
Pages
14
When
2019-08-16T07:59:12+2
What’s new: 2q19 preview and 2020/21 estimate update
Our take: Expect 2q19 to a substantial improvement from the disappointing 1q19. We are largely on par with CS ahead of results, expecting 40% q/q EBITDA improvement.
Report by
Peder Nicolai Jarlsby, Analyst
Henrik Prøsch Selnes, Credit Analyst

Reason
Update
Industry
Containers
Pages
14
When
2019-08-15T20:26:03+2
What’s new: 2q19 review
Our take: Upgrade to Buy (Hold) as Line returns to 1st quartile. Upside on 2h19 outlook and 10%+ FCF yield through capex discipline. 0.8x EV/ IC historically attractive entry point.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Update
Industry
Dry Bulk
Pages
17
When
2019-08-15T18:02:19+2
What’s new: Listing on Axess and taking delivery of first vessel
Our take: 2020 offers unique earnings proposition and sound downside protection through industry low CBEs. We forecast 12% yield starting next year. Buy reiterated, TP NOK 100.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
Tankers
Pages
7
When
2019-08-15T09:40:10+2
What’s new: First take on 2q19 numbers
Our take: Solid quarter from TRMD, again showcasing its solid chartering performance. We reiterate Buy, TP DKK 72.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
Dry Bulk
Pages
7
When
2019-08-15T09:01:51+2
What’s new: First take on GOGL 2q19 results
Our take: Numbers below FS, but largely in line with CS. Beyond numbers, 10 cent dividend is surprising and a statement of what’s to come in 3q with Capes presently at USD 28k/d.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
Containers
Pages
7
When
2019-08-15T09:00:52+2
What’s new: 2q19 results ahead of expectations as Line margins improve
Our take: Line catching up to HLAG on operating margins, but reiterated FY’19 guidance suggest lower earnings in 2h19 (typically 2h is stronger half). Hold reiterated.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Results Review
Industry
Drilling
Pages
15
When
2019-08-15T08:00:57+2
What’s new: 2q19 review
Our take: Options not called + soft winter outlook implies high idleness risk for WilPhoenix. We model equity issue for the newbuilds and lower our target price to USD 3.5 (USD 6.2)
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Gustaf Amlé, Credit Analyst

Reason
Newsflash
Industry
Tankers
Pages
7
When
2019-08-15T07:55:01+2
What’s new: 2q19 results ahead of expectations
Our take: 10-15% spot outperformance on Suez/ Afra spot. OET trades amongst cheapest tanker names at 0.6x steel, with value potential towards NOK 130/sh in upcoming cycle.
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst
Henrik Prøsch Selnes, Credit Analyst

Reason
Update
Industry
Offshore Support
Pages
16
When
2019-08-14T14:48:07+2
What’s new: 2q19 review and updated estimates
Our take: TDW remains a robust play on the OSV market recovery. Recent sell off amid macro and UDW recovery fears leave pricing attractive. Buy maintained – New TP of USD 34
Report by
Gustaf Amlé, Credit Analyst

Reason
Results Review
Industry
Seismic
Pages
19
When
2019-08-14T09:28:54+2
What’s new: Earnings review, 1% positive revision of 2019-21E EBIT, new TP NOK 300 (330)
Our take: Strong late sales in-light of limited transfer sales, high activity in 3q, emerging news on SPU merger to drive valuation. Buy reiterated, TP NOK 300/sh (330)
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research

Reason
Update
Industry
Seismic
Pages
17
When
2019-08-14T09:26:28+2
What’s new: 2q19 review, 4% negative revision to 2019-21E EBITDA.
Our take: Positive developments in contract market lower estimate risk and are as such positive for the restructuring case, though macro risk has increased. Buy maintained.
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Henrik Prøsch Selnes, Credit Analyst

Reason
Results Review
Industry
Seismic
Pages
15
When
2019-08-14T09:16:51+2
What’s new: 2q19 review, 5% positive revision to 2019-21E EBITDA, New TP NOK 1.3 (1.2)
Our take: A tight summer contract market and revenue mix driving strong results, though light coverage for winter and macro worries continues to add uncertainty. Hold.
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Henrik Prøsch Selnes, Credit Analyst

Reason
Results preview
Industry
Seismic
Pages
16
When
2019-08-14T09:06:38+2
What’s new: 2q19 preview, 22% negative revision to 2019-21E EBITDA
Our take: SBX severely punished on operational delays. Valuation reflects 3x new vessels at acquisition price. Trading at 2.5x ‘20E P/E, upside is considerable if SBX deliver operationally
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research

Reason
Newsflash
Industry
Drilling
Pages
8
When
2019-08-14T09:04:25+2
What’s new: 2q19 results
Our take: In-line quarter, but Shell’s decision to not exercise the remaining well options on the WilPhoenix implies high risk for winter idleness given slow outlook for winter 2020.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Gustaf Amlé, Credit Analyst

Industry
Seismic
Pages
58
When
2019-08-14T08:28:04+2
What’s new: 2q19 reviews (SBX preview)
Our take: Contract market surprises positively with strong day-rates and bright outlook. Multi-client more ambivalent. PGS replaces TGS as our top-pick in the space.
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research

Industry
Offshore/Oil Services
Pages
69
When
2019-08-13T09:05:20+2


Industry
Fixed Income E&P
Pages
36
When
2019-08-13T08:59:27+2


Industry
Shipping
Pages
122
When
2019-08-12T07:52:37+2


Reason
Results Review
Industry
Drilling
Pages
18
When
2019-08-09T08:03:56+2
What’s new: 2q19 Review
Our take: While macro uncertainty plagues SHELF’s share price, the improving jackup market positions SHLF well for more awards, further strengthening the backlog.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Gustaf Amlé, Credit Analyst

Equity & Credit Research

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Truls Olsen | Managing Director | Research

Interview with MPC Container Ships. Constantin Baack (CEO, MPC Container Ships)

Published

May 13, 2019