Good Quarter, Guidance as Expected
Houston investor trip wrap-up: Oil turmoil adds caution
Strong Quarter Ahead
What's new: Fjord1 to report 3q18 on Tuesday November 20thOur 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.
A giant is born - GLF vote in favor of the combination
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.
Churning Out 30% FCF yield in 4q18
What's new: 3q18 results beating expectationsOur 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
E&P Weekly - Week 46
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-1Our 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.
MPC Container Ships ASA
Building Competitive Edge
FY18 a Done Deal Next Year Resting on Trade
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.
All eyes on 15th November
What's new: 3q18 results
High Yield Weekly - Week 46
Drillers Weekly - Week 46
Shipping Weekly - Week 46
Diseases Hurting Results
What's new: 3q18 review Reiterate Accumulate and TP NOK 69/shOur take: Soft 3q18 results as PD and AGD hurt biological performance in MNH. NFT also below expectations. Reiterate Accumulate on strong 19 outlook.
As Good as It Gets
What's new: 3q18 review - Downgrade to Reduce (Accumulate) on demanding valuationOur take: Knockout quarter from SALM as the 17G truly proved its exceptional biological performance. FY19 guidance in-line with FSest
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.
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
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.
3q18 First Take: Knock-out Quarter
What's new: 3q18 results EBIT NOK 939m vs. FSest/CS NOK 780m/746mOur take: Knock-out quarterly results. Reiterates FY18 guidance of 143kt. Slightly soft 19 guidance of 145kt (FSest 147kt | CS 151kt).
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.
Numbers in-line but 2019 Guidance Disappoints
What's new: 3q18 resultsOur 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.
Another Record Breaking Quarter
What's new: 3q18 first takeOur take: Aker Energy progressing according to plan and Cognite and Aker Biomarine gaining steam. Upgrade candidate to Buy.
Ler??y Seafood Group
3q18 First Take: Soft Quarter - Strong Guidance
What's new: 3q18 results EBIT of NOK 660m vs. FSest NOK 698mOur take: Weak results as high trout volumes are dragging down results. Knockout 4q18 and FY19 guidance vs. FSest but in-line with CS expectations.
E&P Weekly - Week 45
Exploring to the Music of Edvard Grieg
What's new: Updating estimates post 3q18Our 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).