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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
Newsflash
Industry
Nordic Aquaculture
Pages
7
When
2021-04-16T08:01:54+2

Report by
Nils Thommesen, Analyst

Reason
Update
Industry
Nordic Aquaculture
Pages
14
When
2021-04-16T07:28:14+2
What’s new: Downgrading our target price on disappointing updates.
Our take: We still believe in the long-term story but adjust expectations downwards accordingly. We now expect an equity raise and increase our return on equity for valuation.
Report by
Nils Thommesen, Analyst

Reason
Update
Industry
Renewable energy
Pages
37
When
2021-04-15T13:56:47+2
What’s new: Initiation of coverage + Buy, TP USD 19/sh.
Our take: We see ADNs unique & proven HT-PEM technology and world-class list of customers warranting significant value-upside to current valuation levels. Buy.
Report by
Elliott Jones, Analyst

Reason
Initiating Coverage
Industry
Drilling
Pages
21
When
2021-04-15T08:26:35+2
What’s new: Recently emerged from ch.11, re-initiation with clear Buy recommendations
Our take: We find NAV of USD 37/sh vs current px of 18/sh. Based on valuation, fleet composition and further M&A potential, NE is our preferred long vehicle.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Industry
Renewable energy
Pages
26
When
2021-04-15T08:03:46+2
What’s new: Highlights from Fearnleys Chemical Recycling Seminar 2021
Our take: The global waste issue has forced regions and global brands to announce lofty recycling targets. Without chemical recycling, we will not hit them. A mega-sector awaits
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2021-04-14T22:17:41+2

Report by
Nils Thommesen, Analyst

Reason
Initiating Coverage
Industry
Renewable energy
Pages
28
When
2021-04-13T20:37:04+2
What’s new: Initiation of coverage with a Buy recommendation and NOK 50/sh TP
Our take: The vessel case is more than sufficient to justify a Buy recommendation. Add potential exposure to complentary Services, and things could really get interesting. Buy
Report by
Jørgen Torstensen , Analyst

Industry
Fixed Income
Pages
47
When
2021-04-13T08:58:39+2


Industry
Offshore/Oil Services
Pages
65
When
2021-04-13T08:36:01+2


Reason
Newsflash
Industry
Seismic
Pages
7
When
2021-04-13T07:40:08+2

Report by
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Gas
Pages
8
When
2021-04-12T18:42:54+2
What’s new: Navigator Gas signs LOI to merge with Ultragas
Our take: NVGS cementing position through merger with main spot peer. We find the transaction sensible, enabling NVGS to grow without diluting equity or increase leverage.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Update
Industry
Containers
Pages
14
When
2021-04-12T13:28:37+2
What’s new: Strong 1q numbers from Asian operators, most recently with Evergreen.
Our take: We see c. 40% upside to 1q estimates and 60% to FY’21 guidance. Buy reiterated.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Update
Industry
Containers
Pages
14
When
2021-04-12T08:57:41+2
What’s new: Lifting FY’21 EBITDA range to USD 120-140m (USD 90-120m).
Our take: We lift our TP to NOK 13/sh reflecting 20% higher FY’21 estimates and 15% higher asset values. Buy reiterated.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Shipping
Pages
92
When
2021-04-12T08:54:13+2


Reason
Update
Industry
Renewable energy
Pages
58
When
2021-04-12T07:27:10+2
What’s new: Initiation of Coverage - Buy, TP USD 24/sh
Our take: Battery metals demand is set skyrocket (EV Batteries). TMC’s resource offer an ESG friendly metals source – perfect for the energy transition
Report by
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Tankers
Pages
7
When
2021-04-08T09:12:33+2
What’s new: 1q21 results – First take
Our take: Overall a softer quarter than expected, driven largely by swing tonnage and winter implications. Positive signs from STC, despite a temporary margin squeeze
Report by
Peder Nicolai Jarlsby, Analyst
Espen L. Fjermestad, Head of research
Ulrik Mannhart, Credit Analyst

Industry
Fixed Income
Pages
47
When
2021-04-06T08:45:13+2


Equity & Credit Research

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Espen Landmark Fjermestad | Managing Director | Research

Magnus Solheim on the Solar space

Published

October 16, 2019