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PGS ASA
Agreement with principle lenders – Positive

Support from: 62% of TLB owners, 81% of RCF holders and 100% of ECF With this, cash outflow from 2020-2022 has been reduced by USD ~275m No maturity before 2024 – except from RCF step down in sept 2022 Clearly positive – fundamentals however continues to worsen

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  • 25 Sep 20
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Yara International ASA
Minor revisions for Q4/20 onwards

Yara will release its Q3/20 results on Tuesday 20 October. We have revised our Q3/20 estimates lower, mainly due to a stronger NOK as well as a weaker than previously expected CAN price. We have only fine-tuned our estimates for Q4/20 onwards, and stick to our Buy rating as well as our NOK 400 TP. The buy-back programme as well as extraordinary dividends should provide downside support, but an improved market balance is needed in order to raise our TP further.

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  • 23 Sep 20
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Aker ASA
Title For Report

[What is new?] [How is this impacting your investment case?] [How is this compared to market expectations?] [Additional details / share price implication]

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  • 23 Sep 20
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Nordic Semiconductor ASA
Cooperation to support Amazon sidewalk

Announces a cooperation to support Amazon Sidewalks on BLE Slight positive, in our view, supporting BLE as important in smart home Not impacting our estimates

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  • 22 Sep 20
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Petronor E&P Ltd.
Agreement with Gambian authorities

PNOR’s arbitration with Gambian authorities has come to an end Re-awarded one out of two licenses with 100% ownership Impressive deal - sooner than expected and with higher ownership Our current valuation of the Gambia (0.1 NOK/sh) increases fivefold

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  • 21 Sep 20
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Ice Group ASA
New NRA signed, but PIK refinancing still key

New roaming (NRA) signed with Telia with effect from 1 January 2021 The agreement is expected as the current with Telia expires in 2021 Reflected in our estimates as in-line with Market-15 regulation Refinancing of PIK debt is crucial for the equity case and our view on ICE

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  • 18 Sep 20
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Today’s macro comments

“Flash” PMIs for January suggest firmer growth momentum Demand-led setback for US manufacturing PMI Best reading for Euroland manufacturing PMI since last April

  • 27 Jan 20
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