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Latest research

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

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:23:42+2
What’s new: 2q20 Preview – FSest. Operational EBIT of NOK 835m
Our take: Continued favourable cost development sees our ‘20/’21 EBIT estimates rise by 10-20%, but SALM’s rock solid position as a cost leader is reflected in the share price.
Report by
Nils Thommesen, Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-08-12T09:22:43+2


Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:22:24+2
What’s new: 2q20 Preview – FSest. Operational EBIT of NOK 157/sh
Our take: First quarter following the Frøy Group merger to boost financials, with more LFCs and the return of the service vessel segment boosting earnings.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:20:58+2
What’s new: 2q20 Preview – FSest. Operational EBIT of NOK 76m
Our take: Downside risk on volumes as one site has been ISA confirmed. We are in line with CS on both ‘20/’21 Operational EBIT and see few reasons to enter at current levels.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:19:08+2
What’s new: 2q20 Operational EBIT of EUR 96m preannounced
Our take: Declining costs and strong contributions from Consumer Products in the Americas led to a beat on estimates in 2q20. Expect guidance on further cost reductions.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:17:51+2
What’s new: 2q20 Preview – FSest. 2q20 Operational EBIT of NOK 458m
Our take: Lower prices in the quarter and a biologically challenging quarter in Aurora will impact figures y/y, but we are some 30% above CS as expectations have run too low.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:15:30+2
What’s new: 2q20 Preview – Fsest. 2q20 EBIT of NOK 81m
Our take: A mixed bag will impact GSF results negatively, but we are placed some 30% above CS. The share remains a great bet on long-term salmon prices staying > NOK 60/kg.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
European Aquaculture
Pages
15
When
2020-08-12T09:11:53+2
What’s new: 2q20 Preview – FSest. Operational EBIT of DKK 196m
Our take: Price recovery in May boosts 2q figures, and the current size premium bodes for a relatively strong 2h20. Though, current valuation (20x FSest ’21 EPS) leaves limited upside.
Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
15
When
2020-08-12T09:07:10+2
What’s new: 2q20 Preview – FSest. 2q20 EBITDA of 891m
Our take: AUSS continues to trade at unwarranted levels, with the STUB trading at negative equity value of NOK 0.8bn vs annual EBITDA contributions of 0.5-1bn (incl. subsidiaries)
Report by
Nils Thommesen, Analyst
Gustaf Amlé, Equity and Credit Analyst

Industry
Aquaculture
Pages
94
When
2020-08-12T07:28:28+2
What’s new: 2q20 previews / Reiterate our positive view on 2021
Our take: Lower 2q figures y/y expected for most names, but Chilean stocking points to low supply growth in ’21 – bullish for our covered space. Reiterate Buy
Report by
Nils Thommesen, Analyst

Industry
Fixed Income E&P
Pages
38
When
2020-08-11T09:06:45+2


Industry
Offshore/Oil Services
Pages
60
When
2020-08-11T09:01:57+2


Reason
Newsflash
Industry
Drilling
Pages
7
When
2020-08-11T08:47:50+2

Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Nordic Energy
Pages
7
When
2020-08-11T08:22:28+2
What’s new: 2q20 results
Our take: TETY delivered 2q20 numbers in-line with FSest. No debt, sound cash flows, and attractive growth prospects makes a strong investment case, we believe. Buy
Report by
Jørgen Torstensen , Analyst

Reason
Results preview
Industry
Gas
Pages
17
When
2020-08-10T15:19:09+2
What’s new: 2q20 results due Thursday
Our take: Focus on liquidity, BP and Golar Power (GP) news. Downstream LNG is hot, and we believe GP alone could defend current market cap of GLNG. Buy.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Shipping
Pages
97
When
2020-08-10T09:02:09+2


Reason
Update
Industry
Services
Pages
17
When
2020-08-10T08:47:44+2
What’s new: Target price maintained, Buy re-iterated
Our take: Increased opportunities in low-carbon solutions and a strong LNG business will offset the subsea downturn, we believe.
Øystein Vaagen, Analyst

Reason
Update
Industry
Services
Pages
17
When
2020-08-10T08:45:59+2
What’s new: Increased emphasis on Offshore wind - Raised TP, Buy re-iterated
Our take: While international exploration and subsea markets look depressed, offshore wind opportunities are becoming material and an NCS boost makes us more positive to the share
Øystein Vaagen, Analyst

Reason
Update
Industry
Energy
Pages
18
When
2020-08-10T08:44:29+2
What’s new: Updated target price + Change of Analyst, Buy reiterated
Our take: The sought-after renewables gap has been filled and the short-term outlook for the O&G portfolio receives a boost through NCS activity
Report by
Øystein Vaagen, Analyst

Industry
Services
Pages
81
When
2020-08-10T07:09:11+2
What’s new: Focus on low-carbon energy solutions
Our take: With investments flowing into low carbon solutions and renewables, we highlight AKSO, AKER, FTI and SUBC from our coverage space

Reason
Update
Industry
Containers
Pages
22
When
2020-08-07T15:01:34+2
What’s new: 2q20 results ahead of expectations
Our take: Charter-market improving as Liners reset strings on improving volumes. This bodes well for upcoming GSL renewals- and asset value protection. Equity/ Credit Buy.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
Seismic
Pages
7
When
2020-08-07T08:40:19+2

Report by
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Tankers
Pages
8
When
2020-08-06T14:32:02+2

Report by
Peder Nicolai Jarlsby, Analyst
Espen L. Fjermestad, Head of research
Ulrik Mannhart, Credit Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-08-05T08:53:19+2


Reason
Update
Industry
Tankers
Pages
14
When
2020-08-04T13:43:32+2
What’s new: Re-initiate coverage on improving sentiment.
Our take: Liners has rallied since mid-March whilst lessors now look set for a rebound as charter-rates improves and volumes recovers. Buy, TP USD 9.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2020-08-04T13:42:08+2

Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Fixed Income E&P
Pages
38
When
2020-08-04T10:09:48+2


Industry
Offshore/Oil Services
Pages
60
When
2020-08-04T09:01:57+2


Industry
Shipping
Pages
100
When
2020-08-03T07:48:31+2


Reason
Newsflash
Industry
Drilling
Pages
8
When
2020-08-03T07:37:36+2
What’s new: Entered restructuring plan to swap bond debt to equity and re-pay legacy RCF
Our take: We see biggest recovery for the 2026 bond with NE emerging as a robust operating platform
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Services
Pages
8
When
2020-07-30T08:24:43+2
What’s new: 2q20 results – First take
Our take: Guidance should see FS/CS revenues increase by 5% for 2020 and positive read across into 2021E with higher margins, 24 mhts subsea outlook looks drearier, however.
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Drilling
Pages
7
When
2020-07-30T08:19:40+2

Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Services
Pages
8
When
2020-07-29T09:06:09+2
What’s new: 2q20 results – first take
Our take: With the increased backlog at USD 7bn and firm renewables position, we expect to increase our 2020-21 estimates
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Nordic Energy
Pages
7
When
2020-07-29T09:01:16+2

Report by
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Tankers
Pages
8
When
2020-07-28T15:17:12+2

Report by
Peder Nicolai Jarlsby, Analyst
Espen L. Fjermestad, Head of research
Ulrik Mannhart, Credit Analyst

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VLGC Market Outlook with Fearnresearch

Our Equity Analyst, Peder Nicolai Jarlsby and Senior Analyst LPG, Martin Kjendlie goes in-depth on the booming VLGC market. Watch the full video in our research portal.

Published

October 16, 2019