News & Research
February 16, 2011 - 4Q10 Earnings Update - Sevan
Positive EBIT first time ever, but we downgrade our rating to HOLD from BUY.
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February 15, 2011 - 4Q10 Earnings Update - Yara
EBITDA up 20% QoQ, proposes dividend up 22% and new buy-backs.
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February 3, 2011 - Company Update - REC
From growth to industrial pricing. We cut our 12-month target price to NOK15.3 (NOK32) and downgrade our rating to SELL (STRONG BUY).
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January 14, 2011 - Company Update - Yara
Major increases in nitrate prices – stout fundamentals.
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December 16, 2010 - CMD Update - Sevan
Eyes optimal growth through drilling IPO/sale.
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December 8, 2010 - CMD Update - Yara International
Reiterates bullish outlook. Strengthening fundamentals boost earnings outlook, EPS in demand-driven scenario raised from NOK34 to NOK47.
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December 7, 2010 - Industrials Weekly No. 49
Solar stocks in positive territory on bullish news,focus reverting back to strong fundamentals. Fertilizer stocks up on Chinese fertilizer export tax announcement and strong crop prices.
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December 1, 2010 - Company Update - Renewable Energy Corp
REC targets an industry leading cash cost position. We raise our 2011E and 2012E EBITDA by 7%, maintain STRONG BUY with TP NOK32.
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October 28, 2010 - 3Q10 Earnings Update - Renewable Energy Corp
EBITDA 19% above consensus. Overly conservative guidance. Maintain TP NOK32 and STRONG BUY.
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October 26, 2010 - Industrials Weekly No. 43
YAR 3Q10 earnings update, we switch to HOLD (BUY). REC 3Q10 earnings preview. Spot polysilicon prices up 18% on September.
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October 25, 2010 - 3Q10 Preview - PGS
Quarterly improvement, limited share price potential - HOLD - NOK75
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October 22, 2010 - 3Q10 Earnings Preview - Renewable Energy Corp
Our EBITDA 21% above consensus. Main focus for 3Q10 is ramp‐up progress and company guidance/outlook
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October 20, 2010 - 3Q10 Update - Yara International
3Q10 Margins Well Above Forecasts – Fertilizer Sales Up 15% on 2Q10. We raise our estimates. Reiterate BUY with TP NOK310.
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October 19, 2010 - Industrials Weekly No. 42
Strong YAR 3Q10 Results. REC 3Q10 Preview. NEF predicts record high PV installations in 2011.
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October 12, 2010 - 3Q10 Update - Acergy
Strong order intake supports 2011 - BUY - NOK135
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October 12, 2010 - 3Q10 Preview - Yara International
3Q will be a slow quarter. However, 4Q EBITDA is set to double on 3Q. Reiterate BUY (NOK310).
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October 12, 2010 - Industrials Weekly No. 41
Spot polysilicon prices. LDK Solar raises 3Q outlook. Bullish October USDA report. YAR 3Q Preview.
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October 06, 2010 - Company update - Petroleum Geo-Services
Fleet utilization below our expectations, reducing our Q3 estimate - HOLD - NOK75
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October 06, 2010 - Company update - Acergy
Expecting solid earnings, focus on order intake - BUY - NOK135
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September 28, 2010 - Company Update - Yara International
Urea market tightens, further major nitrate price increases in Europe. Raising estimates and target price.
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September 28, 2010 - Industrials Weekly
The fertilizer market continues hot. REC cost roadmap, FBR cost development.
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September 22, 2010 - Company update - Petroleum Geo-Services
The worst is behind us, prices remain flat - BUY - NOK75
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September 21, 2010 - Industrials Weekly
The fertilizer market continues hot globally as crop prices stay firm.
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September 21, 2010 - Company update - Seadrill
Hold on to the dividends - HOLD - NOK165
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September 08, 2010 - Company update - Acergy
Several SURFs right around the corner - STRONG BUY - NOK135
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September 3, 2010 - Company Update - Yara International
Yara raises nitrate prices €40-50pt, €15-25pt above our estimates. We raise our target price to NOK295 (NOK275), maintain BUY.
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September 01, 2010 - Q2 update - Seadrill
Operational Excellence - BUY - NOK165
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August 31, 2010 - Industrials Weekly
Mixed performance for fertilizer and solar players last week. Poly prices heading up. Major nitrate price increase expected.
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August 25, 2010 - 2Q10 Update - Sevan Marine
EBITDA came in 29% above consensus. We reiterate our 12-month target price of NOK9.2 and BUY rating.
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August 23, 2010 - 2Q10 Preview - Sevan Marine
Sevan has demonstrated a clear ability to refinance debt, creating headroom through lowering debt instalments and financial expenses. We reiterate our target price of NOK9.2 and BUY rating.
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August 10, 2010 - Company Update - Yara International
Bullish sentiment in the nitrogen fertilizer market. We believe there is more upside to Yara’s share price. Raise rating to BUY, target price raised to NOK275 (NOK233).
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August 10, 2010 - Industrials Weekly
Strong performance for fertilizer and solar players last week.
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August 04, 2010 - Q2 update - Petroleum Geo-Services
Well positioned in a soft seismic market - BUY - NOK70
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July 29, 2010 - Event update - Acergy
CLOV is finally here, higher value than expected - BUY - NOK135
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July 27, 2010 - 2Q update - Polarcus
EBITDA becoming positive, Q3 capacity sold out - BUY - NOK5.75
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July 20, 2010 - 2Q update - Marine Harvest
Super profit for years - BUY - NOK6.3
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July 20, 2010 - 2Q preview - Petroleum Geo-Services
Weak quarter fully reflected in share price - STRONG BUY - NOK80
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July 16, 2010 - 2Q update - Acergy
Decent earnings, order intake below expectations - BUY - NOK130
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July 13, 2010 - 2Q preview - Polarcus
Backlog firming up - HOLD - NOK6.20
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July 13, 2010 - 2Q10 Preview - Renewable Energy Corp ASA
The outlook for PV demand is robust, visibility has improved significantly, the PV industry newsflow is positive and REC’s competitive qualities will become more visible through the ramp-up of Moses Lake and Singapore. We reiterate our target price of NOK32 and STRONG BUY rating.
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July 13, 2010 - 2Q preview - Marine Harvest ASA
Disappointing Q2 trading update.
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July 09, 2010 - 2Q preview - Acergy SA
Expecting yet another solid quarter, focus on order intake.
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June 16, 2010 - Company Update - Polarcus Ltd
We initiate coverage on Polarcus with a HOLD rating and a NOK5.9/share target price. target. Even though we see some 22% potential in the share we recommend investors to subscribe in the forthcoming equity issue, as we expect this to bedone at a discount to current level.
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May 28, 2010 - Company Update - Yara International ASA
Based on the higher-than-expected new nitrate prices and Fosfertil/Anitapolis after-tax cash effect, we raise our target price to NOK231 (maintain BUY)...
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May 21, 2010 - Company Update - Renewable Energy Corp ASA
We reiterate our target price of NOK32 and STRONG BUY rating. The ongoing rights issue was oversubscribed by 62.6%, which clearly shows strong interest in the REC share...
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May 21, 2010 - Company Update - Yara International ASA
We cut our target price to NOK228, but maintain our BUY rating based on significant potential triggers ahead...
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May 20, 2010 - Event Update - Seadrill Ltd
We upgarde SDRL to BUY (HOLD) and maintain our NOK155/share target price. We believe the dividend yield of 10% will support the share price.
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May 14, 2010 - 1Q10 Preview - Seadrill Ltd
We downgrade the share to HOLD (BUY) as we see limited upside potential to our NOK155/share target.
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May 10, 2010 - Company Update - Renewable Energy Corp ASA
Solar companies have seen sales surge so far this year as the market rebounds from a weak 2009. Global PV demand is set to grow considerably going forward – despite German incentive cuts...
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May 4, 2010 - 1Q10 Preview - Sevan Marine ASA
As a result of the Huntington LOI with estimated dayrate 33% above our estimate, we raise our target price to NOK11.80...
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Agilis in media regarding Renewable Energy Corp
Why REC plunges >>
Agilis hits Bull's-Eye in REC I >>
Agilis hits Bull's-Eye in REC II >>
Agilis the only Scandinavian brokerage firm predicting magnitude of REC's Q3 Loss >>
Agilis predicts REC at all-time low >>
Brokerage firms disagree on REC stock price >>
December 8, 2010 - CMD Update - Yara International
YAR reiterates bullish outlook. Strengthening fundamentals boost earnings outlook, EPS in demand-driven scenario raised from NOK34 to NOK47. Reiterate BUY with TP NOK360.
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December 7, 2010 - Industrials Weekly No. 49
Solar stock in positive territory, focus reverting back to strong fundamentals. Fertilizer stocks up on Chinese urea export tax and strong crop prices.
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