Carlsberg is engaged in the production and sale of beer and other beverages. Co.'s brewing operations are concentrated in Northern and Western Europe, Eastern Europe and Asia, while markets outside these regions are serviced through exports and production under license. Co.'s other beverages include soft drinks, water and cider. In addition to beverage activities, Co. is also engaged in real estate.
Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
FLSmidth & Co. is a supplier of equipment and services to the global cement and minerals industries with a local presence in 50 countries including project and technology centers in Denmark, India, USA and Germany. Co. supplies everything from single machinery to complete cement plants and minerals processing solutions including services before, during and after the construction. Co.'s in-house resources are primarily engineers who develop, plan, design, install and service equipment, with most of the manufacturing being outsourced to subcontractors.
Novozymes is a biotechnology company based in Denmark. Co.'s business operations are centered on the development of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Co. provides business-to-business biological solutions used in the production of numerous products such as biofuel, detergents, feed, and crops. Co.'s business operations are organized along two segments: the Enzyme Business which is divided into four areas, providing industrial enzymes for household care, food & beverages, bioenergy, and feed & other technical; and the BioBusiness which is home to Co.'s microorganisms and biopharmaceutical ingredients.
Sparebank 1 SR Bank is a savings bank. Co.'s core activities are sales and brokering of financial products and services, as well as leasing and real estate brokering. Co. is organized in three divisions: The Retail Market Division; The Corporate Market Division; and The Capital Market Division Co. provides products and services in the fields of financing, investments, money transfers, pensions and life and non-life insurance.
Star Bulk Carriers is an international company providing worldwide transportation solutions in the drybulk sector through its vessels-owning subsidiaries for a range of customers of major and minor bulk cargoes including iron ore, coal, grain, cement, fertilizer, along worldwide shipping routes. As of Dec 31 2016, Co. owned and operated a fleet of 73 vessels consisting primarily of Newcastlemax, Capesize as well as Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 52,055 dwt and 209,537 dwt. Co.'s vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers, along worldwide shipping routes.
Tellurian is developing a portfolio of natural gas production, liquefied natural gas (LNG) marketing, and infrastructure assets that includes an LNG terminal facility (the Driftwood terminal), and three related pipelines (the Pipeline Network). The proposed Pipeline Network will consist of three pipelines, the Driftwood pipeline, the Haynesville Global Access Pipeline and the Permian Global Access Pipeline. The Driftwood pipeline interconnect with existing interstate pipelines throughout southwest Louisiana to secure adequate natural gas feedstock for the Driftwood terminal. The Driftwood pipeline will be comprised of pipeline segments and compressor stations.
Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
On the back of continued strong order intake in 2019, we have lifted our 2020e deliveries by 5% and our 2020e EBIT by 8%. We are now more in line with consensus, expecting very strong 2020 EBIT of ~EUR1.2bn. We are still cautious near-term on execution, and the risk of a steep earnings decline in 2021 and 2022 remains real. We stick to our HOLD and DKK560 target price.
Although the external prerequisites are largely in place for Nokia, the short-term risks and rewards are determined by internal housekeeping. With consensus having changed little since end-July, we believe expectations are modest ahead of the Q3 report. That said, we reiterate our BUY and EUR6 target price.
We consider the Q3 report to be fairly neutral and have only raised our sales and EBITDA estimates by around 1% on the back of it. In our view, the share price reaction was excessive. We reiterate SELL, but have raised our target price to EUR41 (36).
Equinor and Aker BP are due to report their Q3 results this week. We are in line with consensus on Q3e adj. EBIT on Equinor (results due at 07:00 CET on 24 October) and on EBITDA for Aker BP (results due at 07:00 CET on 22 October). News from last week included our updated note on BW Energy on Hibiscus and PGNiG with the Shrek discovery in the Norwegian Sea with Aker BP.
Ahead of the Q3 report we have made minor estimate changes. We reiterate our EUR42 target price and BUY recommendation. Due to the ongoing corporate action, we do not expect surprises in the Q3 report. Eyes will be on the orders and outlook, which are likely to reflect uncertainty in Minerals and strength in Flow Control.
Ahead of the Q3 report due at 09:00 EET on 25 October, we have fine-tuned our estimates, mainly due to the timing of the announced order for Q3 rather than Q4. Our 2019–2021 orders, sales and EPS estimates are unchanged. We reiterate our BUY recommendation and EUR7 target price.
We have cut our 2019–2021e EPS by c19% on average and our target price to DKK255 (370). We have downgraded the stock to HOLD (BUY). The investment case has relied on Mining, where quality issues have put the onus on the more uncertain Cement delivery.
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