Vi har for nylig indledt samarbejde med Spar Nord, og har i den forbindelse udarbejdet en One-pager på banken.
Læs vores One-pager nedenfor eller på linket her, hvor du får en kort beskrivelse af banken og det seneste regnskab, ligesom vi opridser en række positive og negative faktorer ved casen. Samtidig får du de vigtigste regnskabstal og nøgletal, samt en opdateret peer group med en gruppe af de største danske børsnoterede pengeinstitutter.
The company has only one open dispute concerning the restructuring, and thus ending the restructuring is realistic already in the near future, which we find positive
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Q1 report was a bit soft with growth below estimates. We believe the currently low market activity in the construction and manufacturing sectors slightly burdens Hexagon’s growth in 2024 but the company’s solid long-term growth profile is still intact.
The first months of the year for Kreate went almost as expected in a seasonally weaker Q1. The profitability trend is moving in the right direction, as the results improved for the second quarter in a row. The market is now also showing clear signs of recovery, which bodes well for the delivery of profitable projects in line with Kreate's specialized expertise.
Following the sliding and underperforming share price we have updated our One-Pager which illustrates that the market currently implicitly discounts little value of the company’s pipeline in absolute terms.
Q1 was operationally in line with expectations, and we kept our forecasts unchanged in the big picture. However, the biggest news yesterday was that the Banking business will unexpectedly remain part of the group, which was disappointing. In 2024, we expect the company’s earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years.
In our view, the Q1 report landed on the positive side thanks to the earnings beat and cautiously positive market commentary. We revised our forecasts slightly upwards after the report, although some of the changes were technical.
Exel's Q1 figures were broadly below our expectations due to the timing of deliveries. However, on the day of the results, the spotlight was stolen by the company's planned rights offering of a significant size to strengthen its balance sheet and accelerate its strategy.
Neste's Q1 figures were well below our expectations, driven by Renewable Products. Given the trajectory of sustainable aviation fuel sales, this is not particularly dramatic as long as sales volumes start to rise as expected in the coming quarters. We believe the conditions are in place for this to happen, but evidence is needed to restore market confidence.
Q1 was weak as expected and the sluggish order intake did not improve the outlook for growth. The company's management seems to believe that growth will accelerate in H2 with the help of new customers, growing capacity and a new product portfolio.
Fiskars’ Q1 result was at the expected level, despite weakish revenue. The company reiterated its guidance, i.e. full-year EBIT is expected to be slightly above last year’s level.
The share price has recovered slightly and the first tranche of the dividend has been paid, which means that the upside potential has shrunk. At the same time, we have made negative revisions to the Q1 earnings forecast due to the Olkiluoto 3 problems and lower electricity prices, which has weakened the risk/reward of the stock.
In our view, the overall picture of Scanfil's Q1 report released on Wednesday was fairly neutral, despite a slight earnings miss, and we did not make any material changes to our forecasts for the coming years following the report.