Yesterday, MapsPeople announced its Q1 2024 report with ARR growth of 52% YoY and an improved EBITDA. After the report, we have updated the investment case one-pager with recent market data.
Read the latest Hafnia One-pager update following the Q1 2024 results. The One-pager includes a brief description of Hafnia, an update to the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Meriaura Group operates in marine logistics and renewable energy and both business areas are linked to the reduction of carbon dioxide emissions and the transition in target markets through, e.g., EU emissions trading.
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Read the latest TORM One-pager update following the Q1 2024 results. The One-pager includes a brief description of TORM, an update to the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Q1 Ethics Committee approval cleared the way for Mendus and partner ALLG to start patient recruitment for the CADENCE trial in acute myeloid leukemia (AML) in Q2’24. In parallel, Mendus is building readiness for a pivotal-stage trial in AML supported by positive FDA feedback received during Q1.
Tokmanni's Q1 revenue was in line with our expectations, but the earnings level was disappointing due to the weaker than expected performance of the new DollarStore segment.
The company announced on Friday the further terms of the rights offering of 21.8 MEUR. The share is already traded today without subscription rights and the change in our target price corresponds to the removal of subscription rights.
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.
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).
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.
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.
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.
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.
The first quarter of 2024 saw a continued decline in player activity, a trend that has persisted since the launch of PAYDAY 3 (“PD3”). The strike team has focused their efforts, both during and after the quarter, on aligning PD3 with player expectations through the Operational Medic Bag (“OMB”), but these efforts have yet to yield tangible results. However, the most significant changes to the game are still on the horizon and, according to Starbreeze, visible results in terms of sales are expected in the third quarter and beyond. However, in the absence of a noticeable increase in player activity, we remain on the sidelines waiting for signs of a PD3 recovery.
Solwers is a group of expert services companies that aims to create value through both the operational business of the expert companies and by consolidating the industry through acquisitions. The considerable liquid assets on the balance sheet enable the company to implement its growth strategy, and we believe that success in this will also dictate the expected return for investors.
Nightingale has continued to lay the groundwork for future growth by announcing new research customers where we see the potential for greater commercial opportunities in the future.
Incap had a much better start to the year than we expected, with deliveries to the largest customer already recovering well from the Q4 lows, according to our estimates, and other customers maintaining organic growth.
Sitowise's Q1 results were operationally in line with our expectations. The company's outlook comments showed small signs of improvement for Buildings and Sweden, but overall the current year is still set to be challenging.