Orkla ASA

Orkla is a consumer goods company in the Nordic and Baltic regions. The Branded Consumer Goods area comprises five business areas: Orkla Foods, Orkla Confectionery and Snacks, Orkla Home and Personal, Orkla International and Orkla Food Ingredients. Co.'s other businesses consist of Granges, a supplier of solutions for the heat exchanger industry; Hydro Power, which produces and supplies power to the Nordic power market; and Orkla Financial Investment, which consists of Orkla Eiendom; in addition to its investments in Sapa (JV), which is engaged in extruded aluminium solutions; and Jotun AS, which is a manufacturer of paint and powder coatings.
  • TickerORK
  • ISINNO0003733800
  • ExchangeOslo Bors
  • SectorFood Producers
  • CountryNorway

Analysts

Alexander Aukner ...
  • Antti Kansanen
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Ole Martin Westgaard

Orkla (Hold, TP: NOK70.00) - Time for some new paint

We find the Q3 results mixed, including adj. EBIT slightly above, but with weak organic growth. We expect the key focus near-term to be on the CMD, due on 31 October in London; we are cautious of this, as we expect the EBIT growth guidance to be lowered due to weaker organic growth and as we believe the margin improvement potential has become more challenging. We reiterate our HOLD recommendation and our NOK70 target price.

Ole Martin Westgaard

Orkla (Hold, TP: NOK70.00) - A neutral Q3

We believe this was a neutral report for Orkla, including adj. group EBIT slightly above expectations, but with soft organic growth. We expect no significant estimate revisions to consensus EBIT on the back of the report, and believe a neutral share price reaction is warranted.

ORKLA ASA reduced its risk exposure resulting in an upgrade to Slightly Positive

ORKLA ASA (NO), a company active in the Food Products industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date October 23, 2018, the closing price was NOK 66.50 and its potential was estimated at NOK 76.09.

Alexander Aukner ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Simen Mortensen

Northern Lights

Ole Martin Westgaard

Orkla (Hold, TP: NOK70.00) - Time for some new paint

We find the Q3 results mixed, including adj. EBIT slightly above, but with weak organic growth. We expect the key focus near-term to be on the CMD, due on 31 October in London; we are cautious of this, as we expect the EBIT growth guidance to be lowered due to weaker organic growth and as we believe the margin improvement potential has become more challenging. We reiterate our HOLD recommendation and our NOK70 target price.

Ole Martin Westgaard

Orkla (Hold, TP: NOK70.00) - A neutral Q3

We believe this was a neutral report for Orkla, including adj. group EBIT slightly above expectations, but with soft organic growth. We expect no significant estimate revisions to consensus EBIT on the back of the report, and believe a neutral share price reaction is warranted.

Ole Martin Westgaard

Orkla (Hold, TP: NOK70.00) - Lack of clear growth track

We expect neutral Q3 results marginally below consensus and with organic growth set to recover back in the black from the negative Q2 level. We reiterate our HOLD recommendation, but hike our target price to NOK70 (68) to reflect marginal earnings increases and recent peer group multiples expansions. We believe a slight discount to our SOTP is fair in the absence of a clear growth track. Results are due at 07:00CET on 25 October.

Ole Martin Westgaard

Orkla (Hold, TP: NOK68.00) - Growth concerns remain

The Q2 results were more or less in line with expectations, but we find the negative organic growth disappointing. We also find the results uninspiring with earnings uncertainty on the rise following two quarters of weak underlying growth. We have lowered our target price to NOK68 (70) on the back of negative earnings revisions, while we have upgraded to HOLD (SELL) as we find the valuation less demanding after the recent share price drop. At our revised target price, Orkla is trading at a slight discount to our updated SOTP.

Ole Martin Westgaard

Orkla (Hold, TP: NOK68.00) - Growth concerns remain

The Q2 results were more or less in line with expectations, but we find the negative organic growth disappointing. We also find the results uninspiring with earnings uncertainty on the rise following two quarters of weak underlying growth. We have lowered our target price to NOK68 (70) on the back of negative earnings revisions, while we have upgraded to HOLD (SELL) as we find the valuation less demanding after the recent share price drop. At our revised target price, Orkla is trading at a slight discount to our updated SOTP.

A director bought 858,000 shares at 82.820NOK and

A director at Orkla Asa bought 858,000 shares at 82.820NOK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

Alexander Aukner ...
  • Antti Kansanen
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Håkon Astrup
  • Helge André Martinsen
  • Martin Arnell
  • Mattias Montgomery
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Helge André Martinsen
  • Jesper Ingildsen
  • Jon Masdal
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

ORKLA ASA reduced its risk exposure resulting in an upgrade to Slightly Positive

ORKLA ASA (NO), a company active in the Food Products industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date October 23, 2018, the closing price was NOK 66.50 and its potential was estimated at NOK 76.09.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 20/04/2017

In general, Orkla is in compliance with the Norwegian regulations relating to theorganisation and procedures of the AGM.Under ITEMS 3.2, 3.3 and 5.2, the Board of Directors seeks approval for the Company's remuneration guidelines and a share-related incentive arrangement. Since we have various concerns with regard to the Company's executive remuneration package in general and the proposed share-related incentive arrangement in specific, we recommend opposition.Under ITEM 6.3, it is proposed to re-elect Ms. Ingrid Jonasson Blank as member of the Board of Directors. In light of our concerns over...

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