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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 Review
Industry
Renewable energy
Pages
20
When
2021-03-03T17:04:19+2
What’s new: 4q20 results + recent announcements pave the way for long-term success
Our take: We encourage the reader to see lessons learned as key knowledge for the future. We see a plethora of upwards triggers in the near term – now is the time to buy.
Report by
Elliott Jones, Analyst

Industry
Fixed Income
Pages
45
When
2021-03-02T09:58:52+2


Industry
Offshore/Oil Services
Pages
60
When
2021-03-02T08:32:35+2


Reason
Update
Industry
Containers
Pages
18
When
2021-03-02T08:03:02+2
What’s new: 4q20 review, increasing FY’21/ 22 estimates with nearly 40% on avg.
Our take: Believing MPCC will reach higher end of FY’21 guidance (90-120m). FY’22 coverage to hit 40-50% by the summer as MPCC fixes nearly 40% of tonnage. Buy, TP NOK 9.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Initiating Coverage
Industry
Renewable energy
Pages
44
When
2021-03-01T21:29:49+2
What’s new: Initiating coverage – Buy, TP NOK 116.
Our take: Revolutionizing ammonia production, a market set to grow 2x by 2050. Equinor de-risks project development/ execution phase, major upside through CO2 prices.
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Industry
Shipping
Pages
96
When
2021-03-01T09:54:47+2


Reason
Update
Industry
Renewable energy
Pages
15
When
2021-03-01T07:39:54+2
What’s new: TP hiked to NOK 55/sh. Buy and Top Pick Rating reiterated
Our take: MGN has largely proven the viability of its model over the past couple of months. As we have it, the earnings story materialises way ahead of the street’s expectations. Buy
Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2021-02-26T08:41:00+2

Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2021-02-25T14:34:30+2
What’s new: 4q20 results with several positive news
Our take: Stream- and simplifying is next on GLNG’s agenda. This exercise could open up for dividends of 25%+ of GLNGs current market cap. Buy reiterated, TP USD 18.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
Drilling
Pages
7
When
2021-02-25T08:52:34+2

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

Reason
Newsflash
Industry
Services
Pages
7
When
2021-02-25T08:48:53+2

Øystein Vaagen, Analyst

Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2021-02-25T07:53:50+2

Report by
Nils Thommesen, Analyst

Industry
Energy
Pages
85
When
2021-02-25T07:45:16+2


Industry
Renewable energy
Pages
19
When
2021-02-24T07:56:22+2
What’s new: Highlights from CCUS seminar
Our take: CCUS is essential for enabling the energy transition. It is a new industrial industry in the making with interesting investment opportunities all across the value chain.
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Reason
Update
Industry
Renewable energy
Pages
20
When
2021-02-24T07:54:06+2
What’s new: Reducing FY’21/ ’22 EBITDA with NOK 200m.
Our take: Profitability targets pushed out. Outer-year multiples continues to look lofty (9x ’30 EV/ EBITDA). We remain Sell, TP NOK 17 (NOK 19).
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Industry
Fixed Income
Pages
45
When
2021-02-23T09:38:04+2


Industry
Offshore/Oil Services
Pages
60
When
2021-02-23T08:57:57+2


Reason
Newsflash
Industry
European Aquaculture
Pages
8
When
2021-02-23T07:49:18+2

Report by
Nils Thommesen, Analyst

Reason
Results preview
Industry
Nordic Aquaculture
Pages
16
When
2021-02-22T20:19:09+2
What’s new: 4q20 Preview – FSest Operational EBIT of NOK 486m in line with CS.
Our take: SALM set to post another strong set of numbers, highlighting the company’s competitive edge as a low-cost producer. Though, the share is fully priced at current levels.
Report by
Nils Thommesen, Analyst

Reason
Results Review
Industry
Nordic Aquaculture
Pages
15
When
2021-02-22T20:14:57+2
What’s new: 4q20 review. Increase TP to NOK 82/sh, reiterate Buy.
Our take: LSG continues to deliver on KPIs, and 2021 will see lower costs y/y in all regions and healthy volume growth. Trading at 11x FSest ‘22 EPS the stock is still relatively cheap.
Report by
Nils Thommesen, Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2021-02-22T14:07:56+2

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

Industry
Shipping
Pages
97
When
2021-02-22T10:59:24+2


Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2021-02-22T08:25:01+2

Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2021-02-19T10:02:23+2

Report by
Jørgen Torstensen , Analyst
Magnus Solheim , Analyst

Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2021-02-19T07:38:21+2

Report by
Nils Thommesen, Analyst

Reason
Credit Research
Industry
Other International Energy
Pages
19
When
2021-02-19T07:17:57+2
What’s new: Update ahead of 2h20 report + Buy rating reiterated
Our take: Tulip enters a period of higher production just as gas prices recover in style. As we see it, the Q 10 production ramp up is still not reflected in the bond price. Buy @ YTW 8%
Report by
Jørgen Torstensen , Analyst
Gustaf Amlé, Equity and Credit Analyst

Industry
Energy
Pages
85
When
2021-02-18T10:06:07+2


Reason
Newsflash
Industry
Nordic Energy
Pages
7
When
2021-02-18T08:09:42+2

Report by
Jørgen Torstensen , Analyst

Reason
Newsflash
Industry
Renewable energy
Pages
7
When
2021-02-18T07:06:21+2

Report by
Elliott Jones, Analyst
Espen L. Fjermestad, Head of research

Reason
Initiating Coverage
Industry
Renewable energy
Pages
54
When
2021-02-17T23:00:31+2
What’s new: Initiation of coverage + Buy, TP USD45/sh.
Our take: With a novel way to produce green hydrogen at industry-low costs, we see Fusion Fuel as well-positioned to capture significant value in an exciting sector. Buy.
Report by
Espen L. Fjermestad, Head of research
Elliott Jones, Analyst

Reason
Newsflash
Industry
US Energy
Pages
8
When
2021-02-17T09:01:18+2

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

Reason
Newsflash
Industry
Nordic Aquaculture
Pages
8
When
2021-02-17T07:57:39+2

Report by
Nils Thommesen, Analyst

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.

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Magnus Solheim on the Solar space

Published

October 16, 2019