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Nordea realized a good Q2 with total income slightly above consensus as NII was boosted by good lending growth, while there were also positive surprises on costs and LLPs. Targets were maintained although management gave a more positive outlook on the impact of rate hikes on NII. Capital generation was positive after dividend accruals over the quarter, leading to a still-huge excess capital situation which will likely be distributed through further buybacks by management.
Companies: Aurubis AG
AlphaValue
Despite realizing a poor Q1 22 marked by the impact of the exit from the Russian activities as well as the provisioning of some direct Russian exposure, Nordea beat expectations, generating a PBT 11% above consensus thanks to a good surprise on NII and fees and expenses which were in-line with expectations. The C/I ratio, excluding the impact from the exit from Russia, was stable yoy. Capitalisation remained strong with the management signalling further buybacks to come. The financial targets fo
Nordea held its CMD following its Q4 earnings. As the group reached its targets in advance, it is now aiming at a 45-47% C/I ratio, a RoE above 13% and a 10bp cost of risk by 2025. Nordea is looking to achieve these objectives through income growth and cost inflation moderation. Another positive element is the group’s pledge to distribute excess capital through a 60-70% dividend payout ratio policy combined with sequential buy-back programmes over the next few years.
Nordea delivered strong results in Q4 21. Net revenue growth was slightly above consensus, boosted by fees as well as good growth in NII. There was also a good surprise in costs, showing an even stronger decline than expected, improving further the group’s C/I ratio. Capitalisation was strong with large margins remaining for additional capital distributions. As the 2022 targets are already reached, management has set ambitious 2025 targets in terms of efficiency, on which it will give details at
Nordea released this morning its numbers for Q3 21. The numbers were mainly in line with expectations but the provisions were below. Financial guidance is unchanged for the moment as management will give new targets during the Q4 21 release in February 2022. The share buy-backs of €2bn (already announced) is starting tomorrow. The share price is weak this morning, only due to profit-taking as Nordea’s share price performance has been impressive ytd trading at a (very) record high.
Nordea released this morning its numbers for Q2 21. These were better than expected across-the-board with core revenues above expectations and total expenses mechanically higher. Management’s guidance for FY2021 total costs is now at €4.6bn (vs below €4.6bn previously) but the 2022 guidance is unchanged (C/I ratio at 50% and ROE above 10%). The CET1 ratio is well above capital requirements as management is explicitly planning buy-backs. We will revise upwards our EPS expectations for FY2021 and
Nordea released its numbers for Q1 21 this morning. Net profit was well above expectations (and ours) driven by higher revenues and lower loan losses. More importantly, the beat at the revenue level was of good quality as both net interest income and fees/commissions were above expectations. Loan losses were twice as low as expectations in line with what the bulk (if not all) of global banks have already announced. We will upgrade our EPS for Nordea.
Nordea released this morning its numbers for Q3 19. These were affected by a number of one-offs on the expenses side. Adjusted for these items, profit before loan losses was roughly in line with expectations. The key takeaway is the announced financial targets for 2022. Management is targeting a ROE above 10% for 2022 (consensus at about 9%) with a dividend policy of 60% – 70% and a CET1 buffer of 150–200bp (240bp as of today).
Nordea released this morning its numbers for Q2 19. The P&L numbers were weaker than expected (on the core revenues side) but the key takeaway is on the capital side as management announced it will revise its financial targets (including both the dividend and capital policy).
Nordea released this morning its numbers for Q4 18. Net banking income at €2.1bn is roughly in line with expectations and our own forecasts and 6% lower yoy. This was driven mainly by lower fees and volatile trading income as lower regulatory fees have enabled it to maintain a decent level of net interest income (NII). Total expenses at €1.38bn were 1% below expectations (+1.5% yoy). Hence, profit before loan losses at €719m is roughly in line with consensus expectations. The CET1 ratio at 15
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Companies: MODARSVNPNDABBYISVJFIGRMTOKLRKIEMERSRPMGNSBABPAYSTAFSOLGVNETZOOCPICALLCOSTCAMLFNTLGFRDEQLSAA/HSVPMIBUR0RUYKETLBWJRG8
Research Tree
China has received a large amount of pessimistic sentiment due to the perceived weakness in the economy from a slowdown in Industrial Production and slowing GDP growth. We believe that China has gone through a planned and necessary set of reforms in 2017 and 2018 and will emerge out of this self-imposed reform chrysalis into a period of infrastructure growth focused on two key dates: 2021 and 2022; the 100th year anniversary of the founding of the Communist Party of China in 2021 and President X
Companies: MOD ARS VNP NDA SOLG CAML 0RUY BWJ
Arden Partners
Nordea announced this morning its numbers for Q3 18. Total income at €2.05bn is 6% below expectations, 10% lower yoy and 10% below our forecasts. This was mainly driven by lower volatile income (trading income) 43% lower yoy and 37% below our expectations. Total expenses at €1.14bn are in line with expectations and ours. Hence, profit before loan losses at €910m is 22% lower yoy, 20% below our expectations and 7% short of consensus forecasts. The CET1 ratio at 20.3% is 40bp higher qoq. Norde
Nordea’s top line was disappointing with a total income at €2.23bn, 6% below expectations, driven by lower-than-expected fees/commissions and trading gains, as well as more worrying, lower net interest income (sharply down as well, sequentially).
Research Tree provides access to ongoing research coverage, media content and regulatory news on Aurubis AG. We currently have 77 research reports from 5 professional analysts.
In last couple of weeks, besides its 2023 annual results, Aminex also provided an update on two important developments for the company.
Companies: Aminex Plc
Shard Capital
The RZK-1 well has reached TD on time and on budget, encountering the Gaufrette Main target on prognosis. Whilst post well analysis has confirmed the presence of good quality reservoir (exceeding pre-drill expectations) and multiple gas shows, the reservoirs are interpreted to be largely water-bearing and therefore sub-economic. Whilst the results have not delivered a material gas accumulation, the presence of strong gas shows and excellent reservoir development is encouraging for future explora
Companies: Chariot Limited
Cavendish
JOG has released its results to the end of 2023, confirming a strong £10.5m cash holding number, and providing an update on progress towards FID on its Buchan development project.
Companies: Jersey Oil & Gas PLC
Zeus Capital
Broadly, our take away is that the Q1 results again provide confidence in the delivery of i3 Energy's assets and management team. We reiterate our 21p fair value estimate for i3 Energy. As a reminder, our fair value estimate is premised a 5x EV/2025 expected debt adjusted cash flow (“DACF”) multiple. We believe the company's solid operational results combined with rising commodity prices will further support the positive trajectory of i3 Energy.
Companies: i3 Energy Plc
WHIreland
I3 has announced its Q1 2024 results, showing ongoing cash generation as the company prepares for its significant 2024 CAPEX programme, with new drilling activity to begin in late Q2.
• The main target at Gaufrette (onshore Morocco) was water wet. While the reservoirs were thicker and of better quality than expected with multiple gas shows, the trap did not work and the reservoirs are interpreted to be water bearing. • Given the presence of water in the upper reservoirs at the main target, it was decided not to deepen the well to drill the secondary deeper target. Our ReNAV for the well was £0.02 per share. • The presence of gas and good reservoir quality is a positive for fu
Auctus Advisors
Union Jack has announced a final dividend for 2023 of 0.25p/share, following the 0.30p/share interim dividend announced and paid during 2023.
Companies: Union Jack Oil Plc
Jersey Oil & Gas provided its annual results for the year ended 31 December 2023, in which we believe the key interest relates to updates on the progress towards project sanction for the Buchan field.
Arrow has announced spud of the first horizontal well on its Carrizales field onshore Colombia, targeting higher production rates and enhanced well economics.
Companies: Arrow Exploration Corp.
GMS has announced an update on its net debt position, showing further reductions, as expected
Companies: Gulf Marine Services PLC
Hunting has announced a significant new US$145m OCTG contract win in the Middle East, boosting order book to record levels and seeing guidance now expected to be towards the top of the existing range.
Companies: Hunting PLC
Companies: CARR JOG STX HERC
Companies: Diversified Energy Company PLC
Tennyson Securities
Caspian Sunrise announced it has entered into an agreement to grant exclusivity to Absolute Resources LLP a Kazakh registered company in connection with the proposed conditional sale of the MJF and South Yelemes structures at the BNG Contract area for a consideration of $83 million.
Companies: Caspian Sunrise PLC
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
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