Tokmanni's Q1 revenue was well in line with our expectations in the seasonally slowest quarter of the year. Tokmanni segment's profitability was slightly above our expectations, but DollarStore's weaker-than-expected profitability led to a revenue shortfall.
Hexagon’s 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. Analyst Pauli Lohi comments more in this interview!
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Metacon's Q1 report fell short of expectations on a relative basis, although the deviation in absolute terms was marginal. Reflecting the challenging market, information on order flow and existing project deliveries remained limited. Nevertheless, Metacon's recent collaboration with Siemens for the supply chain and capabilities of the European Gigafactory bodes well for the project's credibility. Consequently, we see a reduction in the risks associated with the project and its financing, and slightly increase our target price. However, considering the parameters of the project remain unknown and challenging demand environment will put pressure on revenue and order flow in the short term, we wait for a more attractive risk/reward profile.
Central banks cannot tighten monetary conditions too much because of the sheer amount of debt in the world. If we assume that the average maturity of debt was five years, we would have to refinance over 60,000 billion of debt each year. This is equivalent to about 70% of total annual global GDP.
NIBE's Q1 results were operationally below our expectations, and we have lowered our short-term estimates. However, the company's outlook shows signs of a recovery in the destocking situation in H2'24, but overall the current year will still be challenging. Eventually, the market will pick up and the normalization of capacity utilization and the cost savings program should provide leverage for profitability improvements in the medium term. In our view, given the ongoing uncertainties in the operating environment and current interest rate expectations, the stock is already sufficiently priced in for earnings growth (2025e P/E: 30x).
Following the Q1 2024 report from Hafnia we had the pleasure of hosting an event with CEO Mikael Skov, who took us through the numbers and recent highlights.
North Media har her til eftermiddag offentliggjort regnskab for 1. kvartal 2024, hvor guidance for 2024 præciseres ved at tage den øvre del af intervallerne, ligesom indtjeningen skuffer noget som følge af af- og nedskrivninger relateret til overtagelsen af svenske SDR.
Scandinavian Medical Solutions har i dag offentliggjort regnskabet for første halvår af 2023/2024, hvor guidance for indeværende regnskabsår fastholdes.
Today, ExpreS2ion Biotechnologies’ CEO Bent U. Frandsen and CFO Keith Alexander presented the results and update on business for the first quarter. They also commented on the background for and details on the announced rights issue.
In our view, the overall picture of Scanfil's Q1 report was fairly neutral, despite a slight earnings miss. Analyst Antti Viljakainen comments on Scanfil’s Q1 in this interview.
On Tuesday, Neste lowered the guidance for Renewable Products' 2024 sales margin reflecting especially the weakness in the market caused by increased supply. We cut both our short- and medium-term forecasts driven by a fall in the sales margin.
Orthex achieved much stronger than expected growth in a weak demand environment, although growth investments kept the result in line with our expectations. We believe the growth strategy is on track and, given the weakness in retail sales, we are confident that the company is gaining market share in its key markets.
Today, Columbus’ CEO & President Søren Krogh Knudsen and CFO Brian Iversen presented the results and business highlights from the first quarter of 2024, and what to expect for for the rest of 2024.
We reiterate our Reduce recommendation for Koskisen and revise our target price to EUR 7.00 (was EUR 6.75). The Q1 report was broadly in line with our expectations and caused only marginal but positive changes to our forecasts for the near term.
Inderes delivered solid monthly sales data for April. The sales in April were up 33% y/y (driven by the timing of Easter) while we had input an increase of 20%. We conclude that we had underestimated the overall AGM season sales. Also, the company flags growth in event business as well as IR software. Although the delta seen in April cannot be extrapolated to the coming months' estimates we note that our Q2 sales estimate looks a bit shy after the beat in April.
Hafnia har her til morgen offentliggjort regnskab for 1. kvartal 2024, der er et nyt rekordresultat for selskabet der kun overgås af samme kvartal i 2023. Resultatet er dog en lille spids under konsensus imens udbyttet overrasker marginalt i forhold til det forventede.