2Q update 26 August 2015 Share Price: NOK 235 ( ) Results date 3 November 2015 Target: NOK 256 (232)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "2Q update 26 August 2015 Share Price: NOK 235 (26.08.2015) Results date 3 November 2015 Target: NOK 256 (232)"

Transcription

1 P/F Bakkafrost Neutral 2Q update 26 August 2015 Share Price: NOK 235 ( ) Results date 3 November 2015 Target: NOK 256 (232) Share data (NOK m) BAKKA Sector Aquaculture Reuters/ Bloomberg BAKKA Risk rating Medium Outstanding shares (mill) 48.9 Market cap (NOK) NIBD (NOK) 290 Enterprise value (NOK) Free float % 81 % Average volume (thous) High/ low 52w / Weight OSEAX % Rel. Perf % (3/6/12 mts) 28/ 60/ 86 Abs. Perf. % (3/6/12 mts) 16/ 54/ 80 Estimate changes 2015E 2016E DKK Curr Prev Curr Prev Revenues % -8 % EBITDA % 7 % EBIT % 7 % PTP % 7 % EPS adj. (NOK) % 12 % Farming North % 18 % West/Viking % 18 % Av. farming margin % 18 % Farming volumes Farming North (t) % 0 % West/Viking (t) % -7 % Upstream volum es (t) % -4 % EBIT Farming % 14 % EBIT feed (Havsbrun) % -37 % Feed volumes (t) % -12 % VAP volumes (t) % -2 % VAP EBIT % 32 % Elim. EBIT/HQ n.m. 3 % Group EBIT % 7 % Russia sales gain continuing Cost on 2014G somewhat up At 2Q BAKKA reported above 50% of the fresh fish sales towards Easter Europe/Russia. 2Q EBIT came in at DKK 303m, above consensus and our forecast. Russian sales obviously contributed positively. BAKKA has maintained its attractive position in high end Russia sales as long as Norwegian and UK players are banned from this market. Even the Rouble is weaker lately; BAKKA will gain from these operations. Within feed, BAKKA once again delivered strong performance and 2Q EBIT came in at DKK 46m, equal to 17% EBIT-margin. Earlier this year BAKKA secured attractive pelagic raw materials in order to meet the high feeding season. Long term EBITmargin within feed should, however, be below 10% (we calculate 8% for 2016). At 2Q BAKKA maintained its guidance of 2015 stocking of 10.4 mill individuals (stable Y/Y). The goal is, within 3 years, to increase smolt size up to 300 g. Then the sea water time exposure will be reduced to around 14 months (18 months today). Further, the 450 t closed well boat arrived Faroe Islands at 2Q and will support operations from 2H15 onwards together with the new HOG/VAP plant in Glyvrar from 2016 will replacing 7 current plants. The investments should improve performance through the value chain. We estimate 2015 and 2016 EPS adj. equal to NOK 20.8 (16.5) and NOK 21.2 (18.9). The DKKNOK ratio is up lately and at 125 (115). We conclude updated SOTP values of NOK 256 (232), which also corresponds to P/E (2016) of 12 (12). We maintain high multiple due to integrated structure in the value chain and because Russia has prolonged the European food ban (which is not in force for Faroe Islands producers). We conclude BAKKA as fair value of NOK 256 per share. Prepared by analysts: Bent Rølland Fondsfinans AS TEL: Philip M. Scrase Fondsfinans AS TEL: Key figures (DKKm) E 2016E 2Q14 3Q14 2Q15 3Q15E Total revenues EBITDA EBIT bef. adj IFRS biomass adj PTP EPS adj (DKK) EPS adj (NOK) DPS (NOK), 50% NIBD (DKK) Farming North West/Viking BAKKA farming (t) Farming growth Y/Y 28 % 40 % -7 % 7 % 13 % 2 % 6 % -4 % 26 % 19 % Havsbrun feed (t) Internal feed growth Y/Y -7 % 4 % 7 % -1 % 2 % 3 % 0 % 5 % -15 % VAP volumes % 25 % 14 % 9 % -12 % -5 % 22 % 1 % -15 % -10 % EBIT/kg (all incl DKK) EV/Sales EV/EBITDA EV/EBIT P/E adj P/B FONDSFINANS AS, HAAKON VII S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: , FAX: , This report was prepared by an analyst engaged by Fondsfinans AS, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research. This report is not a product of Fondsfinans Inc. See page 6 of this report for Important Disclosure Information.

2 Stable BAKKA stocking for mill individuals Gradually increasing internal smolt capacity New BAKKA well boat 450 t biomass capacity Stable BAKKA stocking Y/Y BAKKA maintained its guidance of 10.4m stocking for 2015, which is stable Y/Y. The new DKK 55m 2m capacity (100g) smolt plant that was completed last summer, should imply somewhat larger smolt stocking for 2015 on average. (we forecast 2016 volumes slightly up Y/Y). According to BAKKA, the new plant increases the company s internal smolt capacity, longer term, by around 30%. The smolt yield is better at Faroe than in Norway because of the absence of MAB at The Faroe Islands. The sea water sites are also on average larger. Faroe Islands has less strict sea lice rules than Norway. Delousing the cages only occurs when the number of female sea lice is above 2 per fish (0.5 in Norway). Smolt transfer ('000) G Farming North (8) Farming West (0), trout Farming West, Salmon (7) Viking Farming (2) Faroe Farming (3) Bakkafrost p.f Smolt Y/Y pf. 53 % 36 % -22 % 24 % -11 % 9 % 0 % BAKKA (ex Faroe F) Smolt Y/Y adj. -4 % 37 % 32 % -16 % 32 % -11 % 9 % 0 % Adj Dec11/Jan12 delay (West) Y/Y smolt releases 32 % -9 % 16 % 0 % 3 % 0 % 2015 BAKKA volume guidance maintained at t HOG Fair High 2Q volumes confirmed Growing conditions are good Guidance (pro forma) E 2016E 2015 HOG volumes guiding Farming North Farming West Viking Seafood p.f Bakkafrost pf Volume growth Y/Y 28 % 40 % -7 % 7 % 13 % 2 % 14 % Updated BAKKA volumes and estimates The tables below summarise our latest Bakkafrost farming segment estimates. Farming volume (HOG t) Sites E 2016E Farming North West/Viking Faroe Farming Viking Seafood (incl in West) Total volume Volume growth Y/Y 0 % -26 % 28 % 22 % -7 % 7 % 13 % 2 % EBIT/kg DKK E 2016E Farming North West/Viking Faroe Farming Viking Seafood (incl in West) Average EBIT/kg BAKKA EBIT (DKK) E 2016E Farming North Farming West/Viking BAKKA upstream Havsbrún VAP EBIT (all segments) Elimination to EBIT/HQ Op EBIT (ex IFRS) Source: Fondsfinans Research Page 2 26 August 2015 Fondsfinans Research

3 P/F Bakkafrost 2Q15 Update EBIT/kg DKK 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15E 4Q15E Farming North West/Viking EBIT/kg margin HOG volumes 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15E 4Q15E Farming North West/Viking Total HOG volume BAKKA upstream EBIT, DKKm Farming North West/Viking Farming EBIT Fresh HOG Pst fresh HOG 63 % 55 % 45 % 47 % 61 % 63 % 53 % 64 % 71 % 67 % BAKKA VAP 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15E 4Q15E VAP revenues VAP volumes (HOG t) VAP volume growth 15 % 12 % 19 % 22 % 1 % -7 % -10 % -15 % -10 % -10 % VAP EBIT margin % -13 % -3 % -4 % 8 % 17 % 13 % 12 % 17 % 12 % 17 % VAP EBIT/kg HOG (NO EBIT VAP (DKK m) Havsbrún (feed) 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15E 4Q15E Feed volumes t Feed volume growth Y/ 6 % -19 % -6 % 3 % -7 % 14 % 3 % -6 % -23 % -10 % Internal feed sales % 74 % 73 % 76 % 79 % 79 % 83 % 86 % 88 % 87 % 93 % Feed EBIT margin % 10 % 6 % 9 % 18 % 19 % 15 % 27 % 16 % 15 % 23 % EBIT/kg feed (NOK) EBIT Havsbrún (DKK EBIT Segments EBIT elimin Group EBIT Source: Fondsfinans Research BAKKA VAP product At 2Q EBIT from VAP came in at DKK 31m, equal to 17% margin. As VAP customers are paying up Y/Y, we expect positive EBIT VAP contribution to continue, but we forecast BAKKA to give priority to fresh fish volumes towards Russia and to core restaurant customers in the US. Consequently, VAP volumes should continue to narrow Y/Y. At 2Q VAP volumes went down by 15% Y/Y. Value added products E 2016E VAP revenues VAP price/hog kg VAP volumes (HOG t) VAP volume growth 34 % 14 % -1 % 25 % 14 % 9 % -12 % -5 % VAP EBIT margin % 9 % -10 % 14 % -2 % -17 % 15 % 14 % 11 % VAP EBIT/kg HOG (NOK) EBIT VAP bef. elim (DKKm) Havsbrún E 2016E Feed volumes t Feed volume growth Y/Y 0 % -12 % 45 % 5 % -7 % 0 % -12 % 4 % Internal feed sales % n.r. n.r. 75 % 67 % 75 % 80 % 89 % 87 % Feed EBIT margin % 10 % 24 % -2 % 7 % 9 % 16 % 20 % 10 % EBIT/kg feed (DKK) EBIT Havsbrún (DKK m) Source: Fondsfinans Research Fondsfinans Research 26 August 2015 Page 3

4 BAKKA has three smaller well boats today: Only 50 to 80 t capacity without onboard delousing capacity New 450 t BAKKA well boat into 2H15 harvesting and delousing capacity. No use of local waiting cages at the new HOG/VAP plant. The large well boat will be much more efficient than the smaller ones. HOG plants at Klaksvik, Kollafjordur and Strendur will be replaced by the new Glyvrar HOG/VAP plant. CAPEX PROGRAM SOTP NOK 256 per share Total 2014 and 2015 capex is set at DKK 250m and DKK 550m (and DKK 340m in 2016). At 2Q the new 450 t well boat arrived at Faroe Islands. The capexprogram includes 2 new recirkulation hatcheries of DKK 420m replacing several smaller ones. The new hatcheries will produce large smolt (300 gram) reducing sea water exposure time and biological risks. Longer term, BAKKA expects 10-15% increased farming capacity as a result. Purchasing external smolt from Iceland will probably be discontinued. We consider investments in smolt to be value creating. Illustration of the new HOG/VAP plant at Glyvar: Updated BAKKA SOTP below fair value around NOK 258 (DKKNOK settled at 125). Page 4 26 August 2015 Fondsfinans Research

5 P/F Bakkafrost 2Q15 Update P/f Bakkafrost (DKK) 2016 EBIT 2016EBIT/kg Volume Sites Capacity* HOG/site EV/EBIT EV/kg cap (NOK) EV target (DKK) Farming North Farming West/Viking Total farming (DKK) Total VAP (2 factories) Havsbrún Feed FF Skagen incl Hanstholm (17%) 20 Pelagos pelagic (30%) Faroe Farming (49%) Own shares Dividend Eliminations/HQ Total Group EV (DKK) NIBD 4Q16E 44 Equity value Outst. shares 48.9 SOTP per share (DKK) 205 DKK/NOK 125 Target per share (NOK) 256 Source: Fondsfinans Research, *) No MAB-regime at Faroe (higher capacity than in Norway). Incl large smolt strategy Risk assessment The sensitivity of key assumptions is very high, with salmon prices being the key factor. Fish diseases could always hit long term underlying values in fish farming. In the Northern hemisphere, 2Q and 3Q is normally high season for potential fish diseases (whereas the risk profile through the year is more or less reverse in Chile). Taxes at Faroe: 22.5% + 0.5% tax on farming revenues from this year Salmon prices around the world will differ from market to market. In Europe, fish sales are primarily settled in EUR, while US sales are settled in USD. The larger companies in the sector have EUR and USD debt in order to hedge FX risks. The smaller companies in the sector are financed by NOK/DKK debt. Increased DKKNOK ratio lately is clearly negative for BAKKA. The biological risk at Faroe Island increases in summer and in 3Q/4Q when the sea water temperatures and the density in the cages normally are at peak. At Faroe Island there are no MAB-rules as in Norway, and the producers are on average able to grow this fish larger as a consequence. Longer production time in sea water as a consequence of sea lice could increase cultivation risks. The main biological risks at the Faroe Islands are sea lice and AGD and ISA outbreaks as a potential secondary consequence. Increased activities within pelagic sector on Faroe Islands next years (already started) could increase biological risks in aquaculture. Pelagic fish could carry virus diseases such as ISA and AGD. Finally, increased local boat traffic from pelagic sector and others should probably also increase a lot next years when the herring catches will return. Fondsfinans Research 26 August 2015 Page 5

6 Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to +20%. Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 20%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of : Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy % Buy 3 7 % Neutral 9 14 % Neutral 0 0 % Sell % Sell 0 0 % Total % Total 3 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analysts receive compensation that is impacted by overall firm profitability, including investment banking activities. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed from NEUTRAL. The previous recommendation was issued Ownership per in Bakkafrost: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 0, corresponding to 0% of the company share capital Fondsfinans may hold shares in Bakkafrost as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans does not acting as market maker in Bakkafrost. Fondsfinans has not acted as corporate adviser, lead manager in IPO etc. during the past 12 months. This report was issued and distributed DISCLAIMER This report is provided for information purposes only. It should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. This report is based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Fondsfinans AS makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Fondsfinans AS, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in this report. This report is prepared for general circulation and general information. It does not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in this report, should seek independent financial advice relating thereto. This report may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans AS. DISCLOSURE OF INTERESTS Fondsfinans AS is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in this report. Fondsfinans AS may from time to time as part of its investment services hold positions in securities covered in this report. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover. Holdings are specified as part of shareholder information in each report. DISTRIBUTION IN THE US Research reports are prepared by Fondsfinans AS for information purposes only. Fondsfinans AS and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans AS and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans AS and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA. Page 6 26 August 2015 Fondsfinans Research

7 P/F Bakkafrost Analysts: Bent Rølland Philip M. Scrase Sector: Aquaculture Price (NOK): 235 Shares outst.: 48.86m Date: 25.aug.15 Book equity per share (NOK): 62 Market cap (NOKm): Next result: 03.nov.15 Equity ratio: 61 % Net int.bearing debt (NOKm): 290 Target (NOK) 258 Avg daily vol (90d): 185 Entrprise value (NOKm): Recommendation: NEUTRAL 12 months High / Low: 60.0 / OSEAX: P&L (DKKm) E 2016E 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15E 4Q15E Operating income Op EBITDA Op EBITDA-margin 22 % 27 % 35 % 45 % 44 % 33 % 40 % 34 % 43 % 41 % 43 % 53 % Depreciation and amortisation Onerous contracts Op EBIT (Ex IFRS) EBIT-margin 17 % 24 % 31 % 41 % 160 % 30 % 36 % 30 % 38 % 38 % 39 % 49 % IFRS biomass adjustments EBIT (post IFRS) Associates (Faroe Farming) Net financial items Net agio PTP (EBT) Taxes Net profit Minority share Mother company (DKK) Adjustments: IFRS (onr. contracts and biomass) Asset write downs Net adjustments Net result (adjusted) (DKK) No of outst shares (mill) EPS (DKK) EPS adj (DKK) EPS adj (NOK) OpCEPS (DKK) Capex/share (DKK) DPS (DKK) Multiples (NOK) EV/Sales EV/EBITDA EV/EBIT P/E adj P/B Farming volumes (HOG) Farming North West/Viking Viking Seafood (incl in West) Total farming Farming volume growth 22 % -7 % 7 % 13 % 2 % 6 % -4 % 14 % 5 % 26 % 19 % 3 % EBIT per segment (DKKm) Farming North Farming West/Viking Farming EBIT (DKKm) VAP EBIT Havsbrún EBIT (feed, oil, meal) Segment EBIT Eliminations to EBIT Group EBIT Upstream Farming EBIT/kg (DKK) Farming North Farming West/Viking Viking Seafood (incl in West) 2.1 Av. EBIT/kg DKK Havsbrún (Feed, oil, meal) Hafsbrun volumes, t Feed volume growth 5 % -7 % 0 % -12 % 4 % Feed EBIT margin 7 % 9 % 16 % 20 % 10 % 18 % 19 % 15 % 27 % 16 % 15 % 23 % Value Added Products (VAP) VAP volumes, HOG tons VAP volume growth 25 % 14 % 9 % -12 % -5 % 22 % 1 % -7 % -10 % -15 % -10 % -10 % VAP revenues VAP EBIT margin (ex. eliminations) 7 % -14 % 8 % 14 % 11 % 8 % 17 % 13 % 12 % 17 % 12 % 17 % All inclusive DKK/kg-margin EBIT/kg ("all inclusive") Cash flow per kilo fish Balance Sheet, mill NOK E 2016E Largest shareholders Number of shares Total non-current assets Oddvør Jacobsen % Total current assets Johan Regin Jacobsen % Total assets Spar Nord Bank % Total equity Danske Bank % Total non-current liabilities SEB % Total equity and liabilities JPMorgan, Luxembourg % Equity ratio 49 % 54 % 60 % 68 % 76 % JPMorgan % NIBD (DKK) JPMorgan % Return on equity 21 % 31 % 29 % 32 % 25 % JPMorgan % Cash flow from operations Mellon Bank % Cash flow from investments State Street % Cash flow from financing SEB %

8

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 4Q14 Update Recommendation: BUY Target NOK 69 6 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

Time to reap synergies

Time to reap synergies Time to reap synergies Fondsfinans Research Sparebank 1 Østfold-Akershus - 4Q14 Update Recommendation: BUY Target NOK 180 16 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23

More information

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Update Recommendation: BUY Target NOK 62 13 August 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Preview Recommendation: BUY Target NOK 62 3 July 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

And we are BUYING a Stairway to Heaven

And we are BUYING a Stairway to Heaven And we are BUYING a Stairway to Heaven BRIDGE 4Q12 UPDATE Recommendation: BUY Target: NOK 18 (16) 01.03.2013 Analyst: Morten E Lindbæck, tel: +4723113068 This report was prepared by an analyst employed

More information

Update 3Q12 Share Price: NOK ( ) 1 November 2012 Target: NOK 46 (47) Good Q3, turnaround story continues

Update 3Q12 Share Price: NOK ( ) 1 November 2012 Target: NOK 46 (47) Good Q3, turnaround story continues Orkla ASA NEUTRAL Update 3Q12 Share Price: NOK 45.10 (01.11.12) 1 November 2012 Target: NOK 46 (47) Share data 01.11.2012 Sector: Diversified Ind. Reuters/Bloomberg ORK.OL / ORK Risk Rating Low Outstanding

More information

In aluminium we trust!

In aluminium we trust! In aluminium we trust! Recommendation: BUY Target NOK 55 (48) 12.02.2015 Prepared by Analyst: Daniel Johansson, Fondsfinans AS, tel: 23 11 30 61, e-mail: dj@fondsfinans.no This report was prepared by an

More information

Long-term growth prospects and no oil exposure

Long-term growth prospects and no oil exposure Long-term growth prospects and no oil exposure Fondsfinans Research Sparebank 1 Ringerike Hadeland- Update Recommendation: BUY Target NOK 174 11 December 2014 Prepared by Analyst: Geir Kristiansen, Fondsfinans

More information

Company Update Share Price: NOK 10 (24.02.2014) 24 February 2014 Target: NOK 14 (10.8) Source: Fondsfinans Research, Havfisk ASA

Company Update Share Price: NOK 10 (24.02.2014) 24 February 2014 Target: NOK 14 (10.8) Source: Fondsfinans Research, Havfisk ASA Havfisk ASA BUY (BUY) Company Update Share Price: NOK 10 (24.02.2014) 24 February 2014 Target: NOK 14 (10.8) Share data (NOK m) 14 Feb 2014 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium

More information

Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base

Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base SpareBank 1 SMN BUY Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base Share data 14.08.2014 Sector Banks Bloomberg MING NO Risk rating Low Outst. shares

More information

Sandnes Sparebank (SADG)

Sandnes Sparebank (SADG) (SADG) BUY Initial Coverage Share Price: NOK 77.0 25 September 2013 Target Price: NOK 106.0 Share data Sector Banks Bloomberg SADG NO Equity Risk rating Low Outstanding shares (million) 7.1 Market cap

More information

Preview 4Q11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Solid operations, rich valuation.

Preview 4Q11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Solid operations, rich valuation. Neutral Preview 11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Share data Sector Financials Bloomberg GJF NO Risk rating Low Outstanding shares

More information

NORWAY ROYA L S A L M ON PRESENTATION Q2 2015. Oslo, 26 August 2015 Charles Høstlund, CEO Ola Loe, CFO

NORWAY ROYA L S A L M ON PRESENTATION Q2 2015. Oslo, 26 August 2015 Charles Høstlund, CEO Ola Loe, CFO PRESENTATION Q2 2015 Oslo, 26 August 2015 Charles Høstlund, CEO Ola Loe, CFO AGENDA: Highlights for the period Segment information Group financials Markets Outlook 2 Highlights in Q2 2015 NORWAY ROYA L

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

Grieg Seafood ASA Q1 2014. Morten Vike CEO. Atle Harald Sandtorv CFO. 15 May 2014. griegseafood.com

Grieg Seafood ASA Q1 2014. Morten Vike CEO. Atle Harald Sandtorv CFO. 15 May 2014. griegseafood.com Grieg Seafood ASA Q1 2014 Morten Vike CEO Atle Harald Sandtorv CFO 15 May 2014 1 Agenda Highlights Business Units (Regions) Financials Outlook 2 HIGHLIGHTS Q1 2014 3 Highlights Q1 2014 First quarter results

More information

Grieg Seafood ASA Q1 2013. Morten Vike CEO. Atle Harald Sandtorv CFO. 14 May 2013. griegseafood.com

Grieg Seafood ASA Q1 2013. Morten Vike CEO. Atle Harald Sandtorv CFO. 14 May 2013. griegseafood.com Grieg Seafood ASA Q1 2013 Morten Vike CEO Atle Harald Sandtorv CFO 14 May 2013 1 Agenda Highlights Business Units (Regions) Financials Outlook 2 HIGHLIGHTS Q1 2013 3 Highlights Q1 2013 Strong price growth

More information

NORWAY ROYA L S A L M ON PRESENTATION Q1 2016. Oslo, 4 May 2016 Charles Høstlund, CEO Ola Loe, CFO 1

NORWAY ROYA L S A L M ON PRESENTATION Q1 2016. Oslo, 4 May 2016 Charles Høstlund, CEO Ola Loe, CFO 1 PRESENTATION Q1 2016 Oslo, 4 May 2016 Charles Høstlund, CEO Ola Loe, CFO 1 AGENDA: Highlights for the period Segment information Green licenses Group financials Markets Outlook 2 Highlights in Q1 2016

More information

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES

MATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

A pricey low risk investment

A pricey low risk investment A pricey low risk investment Gjensidige 2Q15 Preview Recommendation: NEUTRAL Target NOK 122 01.07.2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: +47 23 30 11 30, e-mail: gk@fondsfinans.no

More information

Grieg Seafood ASA Q3 2015. Andreas Kvame CEO. Atle Harald Sandtorv CFO. 6 November 2015. griegseafood.com

Grieg Seafood ASA Q3 2015. Andreas Kvame CEO. Atle Harald Sandtorv CFO. 6 November 2015. griegseafood.com Grieg Seafood ASA Q3 2015 Andreas Kvame CEO Atle Harald Sandtorv CFO 6 November 2015 1 Agenda Highlights Business Units (Regions) Financials Outlook 2 HIGHLIGHTS Q3 2015 3 Highlights Q3 2015 Operational

More information

INTERIM REPORT 2015 SECOND QUARTER (Q2)

INTERIM REPORT 2015 SECOND QUARTER (Q2) INTERIM REPORT 2015 SECOND QUARTER (Q2) Summary - Revenue in the second quarter came to 519 million kroner, 122 million kroner higher than the second quarter of 2014 - Higher revenue was a result of increased

More information

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS

More information

INTERIM REPORT 2012 FOURTH QUARTER (Q4)

INTERIM REPORT 2012 FOURTH QUARTER (Q4) INTERIM REPORT 2012 FOURTH QUARTER (Q4) Summary - In January 2013 Norway Seafoods entered into an agreement to sell most of the company s Farming operations in France - Revenue in the fourth quarter came

More information

3Q14 update Share Price: NOK 14 (04.11.2014) 4 November 2014 Target: NOK 18.6 (17.5) Source: Fondsfinans Research, Havfisk ASA

3Q14 update Share Price: NOK 14 (04.11.2014) 4 November 2014 Target: NOK 18.6 (17.5) Source: Fondsfinans Research, Havfisk ASA Havfisk ASA BUY 3Q14 update Share Price: NOK 14 (04.11.2014) 4 November 2014 Target: NOK 18.6 (17.5) Share data (NOK m) 4 Nov 2014 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium risk Outst

More information

Marine Harvest Havbrukskonferansen 26. november 2014 Scenarios for global salmon production next five years

Marine Harvest Havbrukskonferansen 26. november 2014 Scenarios for global salmon production next five years Marine Harvest Havbrukskonferansen 26. november 2014 Scenarios for global salmon production next five years Forward looking statements This presentation may be deemed to include forward-looking statements,

More information

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA Lerøy Seafood Group ASA BUY Update 4Q11 Share Price: NOK 96 27 February 2012 Target: NOK 112 (112) Share data (NOK m) 27.feb.12 Sector Aquaculture Reuters/ Bloomberg LSG Risk rating Medium Out shares (1.000)

More information

2Q14 update Share Price: NOK 13 (18.07.2014) 18 July 2014 Target: NOK 17.5 (16.4) Source: Fondsfinans Research, Havfisk ASA

2Q14 update Share Price: NOK 13 (18.07.2014) 18 July 2014 Target: NOK 17.5 (16.4) Source: Fondsfinans Research, Havfisk ASA Havfisk ASA BUY 2Q14 update Share Price: NOK 13 (18.07.2014) 18 July 2014 Target: NOK 17.5 (16.4) Share data (NOK m) 12 May 2014 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium risk Outst

More information

BDI BioEnergy Internat. 14.5 Buy

BDI BioEnergy Internat. 14.5 Buy 20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair

More information

INVESTMENT CASE FULLY INTACT

INVESTMENT CASE FULLY INTACT Leifheit AG Q2 results due out on 12/08/2015 07/08/2015 INVESTMENT CASE FULLY INTACT Buy 60.00 EUR Close (06/08/2015) 47.68 EUR Bloomberg: LEI WKN: 646450 Sector Share price performance Consumer 52 week

More information

INTERIM REPORT 2013 SECOND QUARTER (Q2)

INTERIM REPORT 2013 SECOND QUARTER (Q2) INTERIM REPORT 2013 SECOND QUARTER (Q2) Summary - Revenue in the second quarter came to 432 million kroner, 39 million kroner higher than the second quarter of 2012 - Higher revenue was a result of increased

More information

Company Update Share Price: NOK 11.5 (13.05.2014) 13 May 2014 Target: NOK 16.4 (14) Source: Fondsfinans Research, Havfisk ASA

Company Update Share Price: NOK 11.5 (13.05.2014) 13 May 2014 Target: NOK 16.4 (14) Source: Fondsfinans Research, Havfisk ASA Havfisk ASA BUY (BUY) Company Update Share Price: NOK 11.5 (13.05.2014) 13 May 2014 Target: NOK 16.4 (14) Share data (NOK m) 12 May 2014 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium risk

More information

Statoil Fuel & Retail

Statoil Fuel & Retail Statoil Fuel & Retail 4Q reporting - update Upside from lower level Recommendation: Buy Target: NOK 50 (55) 7 ruary Analyst: Ivar Andreas Lemmechen Gjul, +47 99 69 69 55 This report was prepared by an

More information

Q1 2015 Financial presentation. Arne Møgster CEO Britt Kathrine Drivenes CFO

Q1 2015 Financial presentation. Arne Møgster CEO Britt Kathrine Drivenes CFO Q1 2015 Financial presentation Arne Møgster CEO Britt Kathrine Drivenes CFO Highlights All figures in NOK 1,000 Q1 2015 Q1 2014 (restated) 2014 Revenue 3 545 829 3 641 992 14 344 177 EBITDA 516 965 769

More information

Det norske oljeselskap ASA

Det norske oljeselskap ASA Det norske oljeselskap ASA BUY Company Update Share Price: NOK 69.05 03.06.2014 Target Price: NOK 83.00 Share data 02.06.2014 Sector Energy Reuters/Bloomberg DETNOR Risk rating High Outstanding shares,

More information

RS Platou. Oslo 4 June 2009. Geir Isaksen CEO

RS Platou. Oslo 4 June 2009. Geir Isaksen CEO RS Platou Oslo 4 June 2009 Geir Isaksen CEO Global activities and key business areas Distribution of revenues (2008 - NOK mill.) Feed Farming Agri Total* Percent of group total Norway 3 338 903 1 560 5

More information

euromicron AG Corrections to financial statements Hold 14.00 EUR

euromicron AG Corrections to financial statements Hold 14.00 EUR euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week

More information

INTERIM REPORT 2014 SECOND QUARTER (Q2)

INTERIM REPORT 2014 SECOND QUARTER (Q2) INTERIM REPORT 2014 SECOND QUARTER (Q2) Summary - Revenue in the second quarter came to 397 million kroner, 35 million kroner lower than the second quarter of 2013 - Lower revenue was a result of decreased

More information

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES

More information

BUY. Nordic Mining. Q3 figures in line, moving forward with projects. Target: Price: NOK 2,50 NOK 1,46. Ticker: NOM. Conclusion.

BUY. Nordic Mining. Q3 figures in line, moving forward with projects. Target: Price: NOK 2,50 NOK 1,46. Ticker: NOM. Conclusion. Nordic Mining Ticker: NOM Target: Price: BUY NOK 2,50 NOK 1,46 November 10, 2010 Nordic Mining Sector: Materials Industry: Metals & Mining Market cap.: 183 Recommendation: BUY Risk: HIGH NOKm 2009 2010E

More information

PRESENTATION Q1 2011 Oslo, 26 th May 2011

PRESENTATION Q1 2011 Oslo, 26 th May 2011 PRESENTATION Q1 2011 Oslo, 26 th May 2011 Presenting Team John Binde CEO Joined NRS in 2004. MSc engineering NTNU. Previous experience as CEO and senior executive at Erling Haug AS (supplier to the fish

More information

Highlights for the quarter. EBIT Group NOK 123 million pre fair value

Highlights for the quarter. EBIT Group NOK 123 million pre fair value Q2 2014_REPORT_FINAL - 1 -DDDDD24124 Copyright: Norwegian Seafood Council, fotographer Tom Haga Highlights for the quarter EBIT Group NOK 123 million pre fair value EBIT pre fair value and non-recurring

More information

Marine Harvest Q3 2014 Presentation

Marine Harvest Q3 2014 Presentation Marine Harvest Q3 2014 Presentation Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest s contracted volumes,

More information

Company update 21 May 2015 Share Price: NOK 64 Results date 10 July 2015 Target Price: NOK 25 (30) Value destruction!

Company update 21 May 2015 Share Price: NOK 64 Results date 10 July 2015 Target Price: NOK 25 (30) Value destruction! Fred-Olsen Energy SELL Company update 21 May 2015 Share Price: NOK 64 Results date 10 July 2015 Target Price: NOK 25 (30) Share data 21/05/2015 Sector: Offshore Reuters/Bloomberg Risk Rating FOE.OL/FOE

More information

Marine Harvest. Q2 2016 Presentation 18 August 2016

Marine Harvest. Q2 2016 Presentation 18 August 2016 Marine Harvest Q2 2016 Presentation 18 August 2016 1 Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest s

More information

Marine Harvest Q1 2013 Presentation

Marine Harvest Q1 2013 Presentation Marine Harvest Q1 2013 Presentation Summary Strong results - Operational EBIT NOK 482m High market prices in Europe and improved US prices Operational improvements in Scotland and Canada Continued poor

More information

Increasing estimates and PT on expectation of solid earnings momentum. Growth momentum and turnaround of insurance business

Increasing estimates and PT on expectation of solid earnings momentum. Growth momentum and turnaround of insurance business A cc or # $T ypcap$ 1628 1 0 4 2 Equity flash Trading Update Financial Services Hypoport AG BUY (BUY) Target 21.00 EUR (17.00 EUR) Price (last closing price) : 18.49 EUR Upside : 14% Est. change 2015e

More information

Promising FY 2018 targets

Promising FY 2018 targets A cc or # $TypCap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Automotive BUY (BUY) Target EUR 2.30 (EUR 2.00) Price (last closing price) : 1.10 EUR Upside : 109% Est. change 2015e 2016e EPS - -

More information

Outlook for 2015 damped by new VAT ruling; turnaround assumed in 2016e. Outlook for 2015 dimmed by new EU VAT ruling

Outlook for 2015 damped by new VAT ruling; turnaround assumed in 2016e. Outlook for 2015 dimmed by new EU VAT ruling A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Entertainment Mybet Holding SE BUY (BUY) Target EUR 1.50 (EUR 1.60) Price (last closing price) : EUR 1.10 Upside : 36% Est. change

More information

Q2 Financial Presentation. Arne Møgster CEO Britt K. Drivenes - CFO

Q2 Financial Presentation. Arne Møgster CEO Britt K. Drivenes - CFO Q2 Financial Presentation Arne Møgster CEO Britt K. Drivenes - CFO As a globally integrated pelagic fishery and seafood specialist, (AUSS) operates through subsidiaries and associated companies, fishing

More information

CEWE Stiftung & Co. KGaA

CEWE Stiftung & Co. KGaA CEWE Stiftung & Co. KGaA Solid development - on track to reaching targets 12/05/2015 Hold 60.00 EUR Close (11/05/2015) 57.81 EUR Bloomberg: CWC WKN: 540390 Sector Share price performance Consumer 52 week

More information

Your Aquaculture Technology and Service Partner. Q Presentation Oslo - October 30 th, 2013 Trond Williksen, CEO Eirik Børve Monsen, CFO

Your Aquaculture Technology and Service Partner. Q Presentation Oslo - October 30 th, 2013 Trond Williksen, CEO Eirik Børve Monsen, CFO Q3 2013 Presentation Oslo - October 30 th, 2013 Trond Williksen, CEO Eirik Børve Monsen, CFO Agenda Highlights Q3 2013 Trond Williksen, CEO Financial performance Q3 2013 Eirik Børve Monsen, CFO Outlooks

More information

potential of business still not fully exploited; PT raised to 64.00 Q3 2015 results vs. estimates IFRS Q3 15 Q2 15 qoq Q3 14 yoy Q3 15e delta

potential of business still not fully exploited; PT raised to 64.00 Q3 2015 results vs. estimates IFRS Q3 15 Q2 15 qoq Q3 14 yoy Q3 15e delta H y p o p or t A G # Scalability $T ypcap$ 1611 3 1 1 x 6519 2 Equity flash Quarterly earnings Financial Services Germany Hypoport AG Buy Target 64.00 EUR vs 57.00 EUR Price : 55.25 EUR Upside : 16 % Est.chg

More information

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014 2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

for 2014 achieved but increased uncertainty due to reduced spending in the oil & gas industry 2014E figures: Underlying EBITDA above our expectations

for 2014 achieved but increased uncertainty due to reduced spending in the oil & gas industry 2014E figures: Underlying EBITDA above our expectations A cc or # Targets $T ypcap$ 1628 1 0 4 2 Page 1/8 Equity flash Trading Update Alternative Energy BUY (BUY) Target EUR 6.50 (EUR 7.00) Price (last closing price) : 5.14 EUR Upside : 26% Est. change 2015e

More information

No surprises EPS almost tripled yoy; confirm Buy, TP raised to 74.00

No surprises EPS almost tripled yoy; confirm Buy, TP raised to 74.00 H y p o p or t A G # $T ypcap$ 1611 1 1 1 x 6519 2 Page 1/6 First Take Full-year earnings Financial Services Germany Buy Target price : 74.00 EUR vs 72.00 EUR Price : 64.78 EUR Upside : 14 % Est.chg 2015e

More information

Aksa Enerji Outperform (Maintained)

Aksa Enerji Outperform (Maintained) 01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014

EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014 EUROPE S LEADING ONLINE FASHION DESTINATION Q3 Earnings Call 26 November 2014 Results highlights and business update 1 CLEAR FOCUS ON EXECUTION Continued strong revenue growth above market (Revenue in

More information

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG

price target of 7.40. We reiterate our Buy rating. Figure 1: Reported figures versus forecasts Source: First Berlin Equity Research, SFC Energy AG FIRST ERLIN Equity Research RATING Germany / Energy Primary exchange: Frankfurt Q3 figures PRICE TARGET 7.40 loomberg: F3C GR Return Potential 38.1% ISIN: DE0007568578 Risk Rating High PROJECT DELAYS URDEN

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

Q3 2015 Financial presentation. Arne Møgster CEO Britt Kathrine Drivenes CFO

Q3 2015 Financial presentation. Arne Møgster CEO Britt Kathrine Drivenes CFO Q3 2015 Financial presentation Arne Møgster CEO Britt Kathrine Drivenes CFO Highlights All figures in NOK 1,000 Q3 2015 Q3 2014 (restated) YTD Q3 2015 YTD Q3 2014 (restated) 2014 Revenue 3 791 291 3 391

More information

2 September 2015 YOC AG. FIRST BERLIN Equity Research

2 September 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are

More information

2013 Half Year Results

2013 Half Year Results 2013 Half Year Results Erwin Stoller, Executive Chairman Joris Gröflin, Chief Financial Officer Agenda 1. Introduction and summary of first half year 2013 2. Financial results first half year 2013 3. Outlook

More information

Management finished its homework. Attractive risk/reward profile

Management finished its homework. Attractive risk/reward profile A cc or # $TypCap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update IT Service BUY (BUY) Target 22.00 EUR (17.00 EUR) Price (last closing price) : 17.25 EUR Upside : 28% E.st. change 15e 16e EPS -12%

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12

More information

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6 2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

Update 2Q11 Share Price: NOK 6.1 (12.08.2011) 12 August 2011 Target: NOK 6.6. Source: AKS/Fondsfinans Research

Update 2Q11 Share Price: NOK 6.1 (12.08.2011) 12 August 2011 Target: NOK 6.6. Source: AKS/Fondsfinans Research Aker Seafoods ASA Downgrade to Neutral (Buy) Update 2Q11 Share Price: NOK 6.1 (12.08.2011) 12 August 2011 Target: NOK 6.6 Share data (NOKm) 12.aug.11 Sector Fisheries Reuters/ Bloomberg AKS Risk rating

More information

Trevi Finanziaria. Good backlog but also huge capex. 02 December 2008 Capital Goods Update. Price: 7.94 Target price: 11.

Trevi Finanziaria. Good backlog but also huge capex. 02 December 2008 Capital Goods Update. Price: 7.94 Target price: 11. 02 December 2008 Capital Goods Update Price: 7.94 Target price: 11.40 Outperform 18 16 14 12 2/12/08 2006 2007 2008E 2009E 2010E EPS Adj. ( ) 0.42 0.83 1.18 1.44 1.68 DPS ( ) 0.05 0.10 0.13 0.16 0.19 BVPS

More information

Britannia Industries

Britannia Industries Rally in Input costs near term drag, Maintain BUY June 20, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs2,641

More information

2013 Third Quarter Review October 25, 2013 1

2013 Third Quarter Review October 25, 2013 1 October 25, 213 1 Panalpina Group October 25, 213 213 Third Quarter Review October 25, 213 2 Highlights and key figures Operating and financial review Outlook Growth in profitability and margins in the

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

More information

Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014

Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014 Kuehne + Nagel International AG Analyst Conference Call Q1 Results 2014 April 14, 2014 Schindellegi, Switzerland Forward-Looking Statements This presentation contains forward-looking statements. Such statements

More information

Weekly Financials Financial robotics

Weekly Financials Financial robotics Weekly Financials Financial robotics Fondsfinans Research Norwegian Financials 13 June 2016 Prepared by Analysts: Geir Kristiansen, Fondsfinans AS, tel: +47 23 11 30 11, e-mail: gk@fondsfinans.no Ulrik

More information

4Q14 update Share Price: NOK 18.6 ( ) 19 February 2015 Target: NOK 30 (18.6)

4Q14 update Share Price: NOK 18.6 ( ) 19 February 2015 Target: NOK 30 (18.6) Havfisk ASA BUY 4Q14 update Share Price: NOK 18.6 (19.02.2015) 19 February 2015 Target: NOK 30 (18.6) Share data (NOK m) 18 Feb 2015 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium risk Outst

More information

Interim report Second quarter 2015

Interim report Second quarter 2015 Interim report Second quarter 2015 Oslo, 20 August 2015 Presenters and agenda Agenda Hans-Petter Mellerud Founder and CEO Highlights for the quarter Financial performance Regional trends Nina Stemshaug

More information

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015 EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due

More information

Techno Electric & Engineering Limited

Techno Electric & Engineering Limited Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:

More information

4. Quarter Arne Nore, CEO Tuesday, 26th February 2002

4. Quarter Arne Nore, CEO Tuesday, 26th February 2002 4. Quarter 2001 Arne Nore, CEO Tuesday, 26th February 2002 ) THE PAN FISH SEAFOOD RANGE Fully integrated value chain ) Pelagics - A huge group of wild fish species 100000 Worldwide catch 1000 mt 90000

More information

Lerøy Seafood Group. Quarterly report Third quarter 2009. November 12th 2009. Helge Singelstad. Ivan Vindheim CEO CFO

Lerøy Seafood Group. Quarterly report Third quarter 2009. November 12th 2009. Helge Singelstad. Ivan Vindheim CEO CFO Lerøy Seafood Group Quarterly report Third quarter 2009 November 12th 2009 Helge Singelstad CEO Ivan Vindheim CFO 1 Agenda 1. 1 Considerations 2. 2 Key financial figures Q3 2009 3. 3 Lerøy at a glance

More information

Borussia Dortmund GmbH & Co. KGaA

Borussia Dortmund GmbH & Co. KGaA A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Entertainment BUY (BUY) Target EUR 6.00 (EUR 6.00) Price (last closing price) : EUR 4.07 Upside : 47% Est. change 2015e 2016e EPS -

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015 2015 FIRST HALF RESULTS CONFERENCE CALL August 31st, 2015 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter

More information

SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008

SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008 SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008 November 14, 2008 2 Disclaimer IMPORTANT LEGAL NOTICE This presentation does not constitute

More information

22 December 2015 YOC AG. FIRST BERLIN Equity Research

22 December 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra 9M/15 Results PRICE TARGET 3.00 loomberg: YOC GR Return Potential 53.3% ISIN: DE0005932735 Risk Rating High Q3

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015

EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015 EUROPE S LEADING ONLINE FASHION DESTINATION Q1 2015 Earnings Call 12 May 2015 Results highlights and business update 1 REACCELERATED REVENUE GROWTH WHILE PROFITABILITY IMPROVEMENTS CONTINUE Strong Revenue

More information

Q4 presentation. Presented by Arne Møgster - CEO Britt Kathrine Drivenes - CFO

Q4 presentation. Presented by Arne Møgster - CEO Britt Kathrine Drivenes - CFO Q4 presentation Presented by Arne Møgster - CEO Britt Kathrine Drivenes - CFO Disclaimer This Presentation has been produced by Austevoll Seafood ASA (the Company or Austevoll ) solely for use at the presentation

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

RHI AG. May 12, 2016

RHI AG. May 12, 2016 RHI AG Results 1Q/16 May 12, 2016 Highlights & Lowlights Highlights Positiv Steel Division operating EBIT margin of 7.8% in 1Q/16 driven by Europe and North America as a result of an improved product mix

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

Borussia Dortmund GmbH & Co. KGaA

Borussia Dortmund GmbH & Co. KGaA A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/8 Equity flash Trading Update Entertainment BUY (BUY) Target EUR 5.00 (EUR 5.00) Price (last closing price) : EUR 3.57 Upside : 45% Est. change 2015e 2016e EPS +20%

More information

Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited)

Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) 2006 (B) 2005 (C) 2006 (B) 2005 (C) Revenues, other than interest

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

BP exceeds expectations

BP exceeds expectations BP - BUY BP exceeds expectations We reiterate our BUY recommendation for BP after the release of good results. We maintain our BUY recommendation for BP, and we have below listed the highlights: This is

More information

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research FY17 could be a year of revenue growth February 08, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs440 Target Price Rs510 Implied Upside 15.9% Sensex 24,617 Nifty

More information

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Disclaimer 1. This presentation may contain certain forward-looking

More information