Where industry experts go for advice.

A leading investment bank with a concentrated focus on maritime industries

Sign in to start your session

 
 

For a user account, please contact your sales representative or send us an e-mail on: research@fearnleys.no

Disclaimer Research
Latest research

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

Industry
Offshore/Oil Services
Pages
1
When
2020-01-29T08:15:08+1


Industry
Offshore/Oil Services
Pages
2
When
2020-01-28T08:51:15+1


Industry
Fixed Income E&P
Pages
36
When
2020-01-28T08:50:57+1
High Yield Weekly - Week 04

Reason
Update
Industry
Drilling
Pages
16
When
2020-01-28T07:39:57+1
What’s new: 4q19 preview + equity downgraded to Hold with new TP of USD 5/sh (USD 7)
Our take: Continued expectations of low earnings, Zonda loss and a muted M&A market leaves a challenging equity case for now. Current bond pricing screams value however. Buy
Report by
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst

Reason
Newsflash
Industry
Dry Bulk
Pages
7
When
2020-01-27T14:41:42+1
What’s new: 4q19 results shy expectations, 1q20 bookings well above market indices.
Our take: SALT continues proactively selling off vessels (4x Ultra’s) as the stock trades more than 40% off fair value. QTD bookings suggest 5-10 cents loss in 1q20.
Report by
Peder Nicolai Jarlsby, Analyst
Espen L. Fjermestad, Analyst

Industry
Shipping
Pages
100
When
2020-01-27T09:21:25+1


Industry
Dry Bulk
Pages
23
When
2020-01-27T07:49:48+1
What’s new: Sector down to Hold due to significant 1h20 headwinds
Our take: 4q19 earnings to focus on weak start to 2020 and S&D dynamics after the implementation of IMO 2020. Risk for further downside short term (rebound potential).
Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Reason
Results preview
Industry
Drilling
Pages
16
When
2020-01-24T08:01:33+1
What’s new: 4q19 Preview – FSest. EBITDA of USD 22m vs. CS USD 20m
Our take: 2nd year in a row with increasing demand has lifted JU dayrates towards healthy levels again. BDRILL needs however additional remedial steps to rectify its balance sheet.
Report by
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst

Reason
Results preview
Industry
Seismic
Pages
17
When
2020-01-24T07:50:38+1
What’s new: CMD preview and update post refi., 2022 roll-out. New NOK 25/sh TP (20)
Our take: With a successful refi. and 4q19 earnings reported, we believe PGS will spin a convincing equity story at CMD, especially in light of strong 1q20 outlook. Buy.
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst
Øystein Vaagen, Analyst

Reason
Update
Industry
Seismic
Pages
17
When
2020-01-24T07:49:29+1
What’s new: 4q19 preview – 4q19E EBIT USD 119m. 15% negative revision to 2020-21E EBIT
Our take: 2020 has plenty of room to grow both dividends and investments, though strong share performance relative to peers leave valuation rich. Downgrade to Hold TP NOK 280
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Øystein Vaagen, Analyst

Reason
Update
Industry
Drilling
Pages
13
When
2020-01-24T07:46:59+1
What’s new: 2h19 Preview – FSest. EBITDA of USD 164m / Revenues USD 592m
Our take: With c. 80% est. drilling days in 2020 and 35% in 2021 already covered, DRLCO sits in a comfortable position. At c. 4x 2021 EV/EBITDA and dividends in sight, we reiterate Buy.
Report by
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst

Reason
Update
Industry
Services
Pages
19
When
2020-01-23T09:33:05+1
What’s new: 4q19 preview, FS 4q19E EBITDA USD 484m 7% above CS. 2022E roll-out
Our take: Trading at 5x 2020 EV/EBITDA with multiple triggers in-sight including the separation in 1h20, we reiterate our Buy recommendation on FTI. TP USD 30/sh.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Øystein Vaagen, Analyst

Reason
Results preview
Industry
Services
Pages
18
When
2020-01-23T09:30:52+1
What’s new: 4q19 preview – Fsest. EBITDA of NOK 491m, 4% below CS – 0.9x btb
Our take: Pressure on 4q19 and 2020 earnings following contract postponements and disappointing intake. Contracts needed to rebuild confidence. Downgrade to Hold.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Øystein Vaagen, Analyst

Reason
Results preview
Industry
Services
Pages
22
When
2020-01-23T09:26:28+1
What’s new: 4q19 Preview, rolling out 2022E
Our take: Strong order intake through 2019 builds a solid base for 2020. With a favourable market outlook and attractive valuation, we reiterate our Buy recommendation.
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst
Øystein Vaagen, Analyst

Industry
Energy
Pages
27
When
2020-01-23T09:10:37+1


Industry
Services
Pages
52
When
2020-01-23T08:52:29+1
What’s new: 4q19 previews and roll-out of 2022
Our take: Solid order intake in 2019 and supportive market outlook paints a rosy picture for the Subsea sector. FTI is our top pick, while we are muted on AKSO given order slippage
Report by
Truls Olsen, Head of research
Håkon Omsted, Analyst

Industry
Offshore/Oil Services
Pages
28
When
2020-01-22T09:17:34+1


Reason
Newsflash
Industry
Seismic
Pages
8
When
2020-01-22T08:35:32+1
What’s new: Equity raise and refi. of 2020-21 maturities
Our take: Refi. extends avg. maturity by 2 year to 4 years which should lower financial distress and drive valuation. Positive impact on estimates expected, Buy reiterated
Report by
Håkon Omsted, Analyst
Truls Olsen, Head of research
Gustaf Amlé, Credit Analyst
Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Tankers
Pages
8
When
2020-01-22T08:16:53+1

Report by
Espen L. Fjermestad, Analyst
Peder Nicolai Jarlsby, Analyst

Industry
Fixed Income E&P
Pages
36
When
2020-01-21T09:33:22+1


Industry
Offshore/Oil Services
Pages
2
When
2020-01-21T08:48:58+1


Industry
Shipping
Pages
100
When
2020-01-20T08:40:10+1



Industry
Offshore/Oil Services
Pages
2
When
2020-01-15T09:19:59+1


Industry
Fixed Income E&P
Pages
1
When
2020-01-14T10:35:44+1


Industry
Offshore/Oil Services
Pages
2
When
2020-01-14T07:50:45+1


Equity & Credit Research

Our sector based research team provide the firm’s sales force and institutional clients with a steady stream of research products and actionable investment ideas. The department focuses strongly on offering a global research product with creative and innovative approaches that give our clients added value in their decision-making processes. Our analysts look at economic, market, industry and company data to enhance the performance of our clients' global portfolios, and to help companies set their strategic direction.

The Research Division works closely with our sister companies in the Astrup Fearnley Group. This provides an unprecedented access to industrial intelligence, networks, market data, insight and knowledge. Our research product is truly global.

Our team of internationally ranked analysts provide a steady stream of value added research products and actionable investment ideas

Truls Olsen | Managing Director | Research

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