Strategy Wrap Equity Research 24 February, 2020 - Handelsbanken Capital Markets
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Equity Research 24 February, 2020 Strategy Wrap Teck Resources withdraws application to build its USD 15.7bn oil sands JACOB EDLER, JAED02@handelsbanken.se, +46(0) 8701 43 38
Friday’s actions
US
S&P 500, 21/02/2020 [CET]
Wall Street ended down with indices losing 0.3-0.6 p.p
after the European closing 3380
3370
S&P 500 -1.1%, Nasdaq -1.8%, DJIA -0.8%
3360
Strongest US sector was Consumer Staples (0.3%), 3350
weakest was Information Technology (-2.3%)
3340
VIX rose to 17.1 (15.6) 3330
US 10y yield fell to 1.47% (1.52%) 3320
3310
EUR/USD 0.4% to 1.09, JPY/USD -0.3% to 111.7 and
3300
USD/SEK -0.9% to 9.73 03:30 PM 05:10 PM 06:50 PM 08:30 PM
BBG Commodity Index 0.0%, Gold 1.7%, Copper -0.5% Nordic close Prev Close S&P 500
and Silver 1.0%
Europe Nasdaq, 21/02/2020 [CET]
STOXX Europe 600 -0.5%, STOXX Europe 50 -0.5%, 9800
FTSE 100 -0.4% 9750
9700
Germany HDAX -0.6%, France CAC 40 -0.5%
9650
Strongest sector was Utilities (0.6%), weakest was Oil &
9600
Gas (-1.5%)
9550
Weekly summary 9500
S&P 500 -1.3%, Nasdaq -1.6% and DJIA -1.4% 9450
9400
Stoxx 600 -0.6%, Stoxx 50 -0.4% and FTSE 100 -0.1% 03:30 PM 05:10 PM 06:50 PM 08:30 PM
NASDAQ Composite Index Prev Close
2After hours
US Rest of the World
Intuit is nearing an agreement to buy financial technology portal Credit Karma for Global shares and oil slid on Monday while safe-haven gold surged as the spread
about USD 7bn. The deal in cash and stock, which will push Intuit further into of the coronavirus outside China darkened the outlook for world growth with
consumer finance. According to the deal, Credit Karma will function as a stand- infections and deaths rising in South Korea, Italy and the Middle East.
alone business with its CEO, Kenneth Lin, remaining in charge. Credit Karma, is
backed by funders including private-equity firm Silver Lake and financial-technology As of CET 07:32: Stoxx Asia Pacific -0.6%, Topix 100 0.1%, Hang Seng -2.66%
venture firm Ribbit Capital. and Shanghai 0.13%.
PepsiCo has agreed to buy Chinese snack brand Be & Cheery from local jujube Canadian miner Teck Resources has withdrawn an application to build its USD
maker Haoxiangni Health Food for USD 705m. The US multinational food and 15.7bn Frontier oil sands mine in Alberta, days before the federal government was
beverage maker said the acquisition of Be & Cheery, which sells snacks from nuts to decide on whether to approve a project opposed by environmentalists and
to dried fruits mainly on Chinese e-commerce platforms, was an important step in indigenous groups. Teck said it would write down the USD 852.12m carrying value
its goal to become China’s leading consumer-focused food and beverage company of the project. At full capacity, the mine would have produced 260,000 barrels of
crude oil per day, making it one of the largest in Alberta’s carbon-intensive oil
Lyft has bought US-based startup Halo Cars, which allows drivers to make money sands.
through digital advertisements displayed on top of their vehicles. The deal, was
confirmed by the ride-hailing company. Lyft and larger rival Uber, both based in Samsung and other companies in South Korea are taking precautions against the
San Francisco, are pursuing different roads in search of profitability, with Uber coronavirus after a rising number of cases in the country, including the infection of
pouring money into side businesses which have so far lost money and Lyft focusing a Samsung employee at a local production facility. The country’s largest technology
solely on moving people around. With operations only in the US and some company shut down operations at a plant in Gumi City over the weekend after the
Canadian cities, Lyft earlier stated its active rider customer base in the fourth employee tested positive for the virus, but quickly resumed operations. Samsung
quarter grew to 22.9m from 22.3m the previous quarter. Electronics shares slid as much as 3.7% in Seoul. While the coronavirus originated
in China, it is now spreading to other countries, including Korea with more than 750
Morgan Stanley will receive a USD 375m breakup fee if E*Trade Financial walks confirmed cases. Companies from Japan to Singapore are taking steps to limit the
away from its USD 13bn deal for the discount brokerage. Its the biggest acquisition spread among employees and within their facilities.
by a major Wall Street bank since the 2007-2009 financial crisis. E*Trade has been
the subject of M&A speculation for some time, especially after Charles Schwab said World No. 1 oil producer Saudi Aramco is set to gain unconditional EU antitrust
it would buy TD Ameritrade Holding last year. If Morgan Stanley terminates the deal approval for its USD 69bn buy of a 70% stake in petrochemicals group Saudi Basic
due to antitrust issues, E*Trade would receive USD 525m. Industries. Aramco announced the deal to acquire the controlling stake from
sovereign investor Public Investment Fund (PIF) in March last year, a move key to
Xperi said it has received an unsolicited takeover proposal from a consortium led its diversification into refining and petrochemicals.
by its former CEO, posing a potential challenge to its merger with TiVo. Metis
Ventures, where former Xperi CEO Tom Lacey is a managing member, proposed A consortium led by French private equity group Ardian is the frontrunner to buy a
an all-cash bid of USD 23.30 a share for all outstanding Xperi shares, according to 25% stake in Italy’s biggest mobile towers group INWIT. Telecom Italia and
a statement. The offer represents a 20% premium over Xperi’s last closing price Vodafone agreed in July to fold their Italian mobile tower assets into TIM’s 60%-
and values the company at almost USD 1.2bn. owned unit INWIT to cut debt and free up cash for the roll-out of next generation 5G
telecommunications networks. The EUR 10bn merger deal is awaiting EU antitrust
clearance. TIM and Vodafone will then have 37.5% each of the new, bigger INWIT.
The two phone groups have already agreed to sell a combined 25% stake, worth
around EUR 2bn.
3Asian movers, CET 07:32
Change EW [%] Sector Movers
Communication Services -0.5 Z Corporation 4.5%, SoftBank 2.4%, Nippon Telegraph and Telephone Corporation 1.3%, REA Ltd -4.0%, Carsales.Com Limited -3.1%, TPG Telecom Limited -3.0%
Materials -0.7 Saracen Mineral Limited 6.9%, New crest Mining Limited 6.6%, Northern Star Resources Ltd 3.3%, Bluescope Steel Limited -9.9%, Iluka Resources Limited -6.7%, South32 -5.4%
Information Technology -0.8 SUMCO Corporation 5.2%, Nomura Research Institute,Ltd. 2.1%, Otsuka Corporation 1.4%, Altium -8.4%, Afterpay Limited -5.8%, Venture Corporation Limited -5.0%
Utilities -0.8 Pow er Assets Limited 1.0%, Osaka Gas, 1.0%, Kansai Electric Pow er Company, Incorporated 0.6%, Meridian Energy Limited -4.7%, AusNet Services Limited -3.1%, Contact Energy Limited -2.8%
Financials -0.8 Tokio Marine, 2.3%, Sumitomo Mitsui Trust, 1.3%, Chiba Bank, 1.0%, Magellan Financial Ltd -5.4%, NIB Ltd -5.2%, AMP Limited -4.1%
Consumer Staples -1.0 Welcia, 2.9%, Rohto Pharmaceutical, 2.1%, COSMOS Pharmaceutical Corporation 1.5%, Vitasoy Limited -5.8%, a2 Milk Company -5.7%, Treasury Wine Estates Limited -4.1%
Health Care -1.0 Fisher & Paykel Healthcare Corporation Limited 2.9%, Takeda Pharmaceutical 1.6%, Chugai Pharmaceutical, 1.4%, Cochlear Limited -7.4%, CSL Limited -3.9%, BeiGene, -3.5%
Industrials -1.2 Itochu Corporation 1.8%, Daifuku, 1.0%, JGC Corporation 1.0%, Qantas Airw ays Limited -9.7%, Fosun Limited -5.6%, Aurizon -5.6%
Consumer Disc. -1.2 Rakuten, 4.1%, Hikari Tsushin, 2.2%, Nifco 1.5%, Star Entertainment Limited -6.7%, Wesfarmers Limited -6.0%, Galaxy Entertainment Limited -5.9%
Energy -3.4 JXTG. 1.1%, Idemitsu Kosan, 0.7%, INPEX CORPORATION -0.2%, Woodside Petroleum Ltd -6.5%, Washington H. Soul Pattinson and -6.1%, Beach Energy Limited -5.6%
STOXX Asia/Pac 600 (USD) -0.60 160.6
TOPIX 100 0.10 1 097.8
Hang Seng Index -2.66 26 875
SSE Com posite Index 0.13 3 034Last weeks’ US and European Movers
US Movers 1 week
Change % Sector Movers
Consumer Staples -0.1 Kroger 7.4%, Constellation Brands, Class A 1.8%, Altria Inc 1.6% // Conagra Brands, -9.5%, Hormel Foods Corporation -7.8%, Tyson Foods, Class A -3.3%
Utilities -0.2 Pinnacle West Capital Corporation 3.2%, Public Service Enterprise Inc 2.5%, Eversource Energy 2.5% // CenterPoint Energy, -7.0%, Consolidated Edison, -4.4%, En
Materials -0.3 New mont Corporation 12.2%, Packaging Corporation of America 3.5%, Albemarle Corporation 3.1% // Vulcan Materials Company -8.9%, Martin Marietta Materials, -
Health Care -0.5 Perrigo Plc 3.7%, Gilead Sciences, 3.2%, Incyte Corporation 3.1% // Henry Schein, -6.4%, Align Technology, -5.3%, Teleflex Incorporated -4.2%
Energy -0.9 Cimarex Energy 8.0%, Hess Corporation 6.8%, Apache Corporation 3.8% // Devon Energy Corporation -8.1%, Baker Hughes Company Class A -6.6%, Noble Energ
Consumer Disc. -1.1 Dollar Tree, 5.9%, Dollar General Corporation 5.6%, Advance Auto Parts, 5.3% // Norw egian Cruise Line Ltd. -10.5%, Hasbro, -7.9%, Under Armour, Class A -6.7%
Industrials -1.2 Deere & Company 5.6%, Rockw ell Automation, 4.3%, C.H. Robinson Worldw ide, 3.5% // Copart, -7.7%, Allegion PLC -7.4%, Stanley Black & Decker, -5.3%
Communication Services -1.2 Tw itter, 3.8%, Take-Tw o Interactive Softw are, 2.3%, T-Mobile US, 2.2% // ViacomCBS Class B -19.2%, CenturyLink, -4.9%, Fox Corporation Class B -4.9%
Financials -1.3 E*TRADE Financial Corporation 20.7%, Franklin Resources, 3.4%, Berkshire Hathaw ay Class B 1.1% // Morgan Stanley -6.1%, S&P Global, -4.7%, MSCI Class A -4
Information Technology -2.5 F5 Netw orks, 4.6%, Analog Devices, 4.3%, Leidos, 3.9% // KLA Corporation -8.6%, Synopsys, -8.6%, Qorvo, -7.4%
S&P 500 -1.3 3 338
Nasdaq Com posite -1.6 9 577
Dow Jones IA -1.4 28 992
European Movers 1 week
Change % Sector Movers
Utilities 2.5 Centrica plc 11.4%, SUEZ SA 6.1%, Electricite de France SA 5.3% // Rubis SCA -1.0%, Fortum -0.9%, A2A 0.0%
Telecommunications 1.8 Deutsche Telekom 5.6%, Tele2 Class B 4.8%, Vodafone Plc 3.2% // Proximus SA de droit public -6.8%, Altice Europe NV Class A -2.2%, Telefonica SA -2.2%
Health Care 0.8 NMC Health 10.3%, Straumann Holding 8.1%, Smith & Nephew plc 5.8% // Bayer -4.2%, Sw edish Orphan Biovitrum -4.1%, Evotec SE -4.0%
Consumer Goods -0.5 PUMA SE 10.8%, Kerry Plc Class A 6.9%, SalMar 6.0% // Renault SA -8.2%, Burberry plc -6.4%, Imperial Brands -5.3%
Consumer Services -0.5 Evolution Gaming 8.9%, Moneysupermarket.com plc 7.2%, Eutelsat Communications SA 7.2% // Telenet Holding NV -6.0%, TUI -5.2%, Air France-KLM SA -5.0%
Industrials -0.7 TOMRA Systems 15.4%, Spectris plc 10.4%, Interpump 6.9% // thyssenkrupp -12.0%, MTU Aero Engines -8.0%, Wartsila Abp -7.5%
Materials -1.0 Polymetal Plc 5.6%, Mondi plc 3.3%, Holmen Class B 3.2% // ArcelorMittal SA -6.4%, Fuchs Petrolub SE Pref -6.4%, Glencore plc -4.1%
Oil & Gas -1.6 John Wood 4.8%, Vestas Wind Systems 3.5%, Siemens Gamesa Renew able Energy, 2.7% // Tullow Oil plc -10.3%, Repsol SA -5.5%, Aker BP -3.9%
Financials -1.7 Unione di Banche Italiane SpA 27.3%, Banco BPM SpA 9.1%, EQT 7.2% // ageas SA/NV -9.8%, Sw iss Re -9.7%, ING Groep NV -7.8%
Technology -2.0 Sopra Steria SA 9.6%, United Internet 5.1%, Ingenico SA 0.9% // AVEVA plc -7.9%, ASM -7.1%, Atos SE -7.0%
STOXX Europe 600 -0.6 428.1 OMXS30 -0.3 1 879.1
STOXX Europe 50 -0.4 3 491 OMXC20 0.6 1 251.9
FTSE 100 -0.1 7 404 OMXH25 -1.7 4 470.0
Germ any HDAX -1.1 7 586 OBX 0.9 842.7
France CAC 40 -0.7 6 030 OMX Nordic -0.5 378.0Friday's US Movers
Change % Sector Movers
Consumer Staples 0.3 Philip Morris 2.5%, Kroger 1.8%, Colgate-Palmolive Company 1.5% // Brow n-Forman Corporation Class B -2.0%, Hormel Foods Corporation -1.7%, Coty Class A -1.6%
Health Care 0.0 Gilead Sciences, 4.0%, Universal Health Services, Class B 1.9%, Becton, Dickinson and Company 1.5% // Align Technology, -4.5%, Teleflex Incorporated -3.6%, Incyte Corporation -2.3%
Utilities -0.2 Pinnacle West Capital Corporation 2.5%, Public Service Enterprise Inc 1.3%, Duke Energy Corporation 1.0% // Consolidated Edison, -4.7%, CenterPoint Energy, -1.7%, Southern Company -1.2%
Materials -0.4 Mosaic Company 3.9%, Packaging Corporation of America 3.3%, New mont Corporation 2.8% // Martin Marietta Materials, -2.6%, Avery Dennison Corporation -2.1%, Albemarle Corporation -2.0%
Industrials -0.4 Deere & Company 7.0%, Rockw ell Automation, 2.0%, Jacobs Engineering 1.8% // United Parcel Service, Class B -3.3%, United Rentals, -2.8%, Fortune Brands Home & Security, -2.7%
Financials -1.0 Travelers Companies, 0.9%, Progressive Corporation 0.8%, Wells Fargo & Company 0.8% // Charles Schw ab Corporation -4.9%, MSCI Class A -3.9%, Raymond James Financial, -3.6%
Energy -1.3 HollyFrontier Corporation 1.0%, Pioneer Natural Resources Company -0.2%, Kinder Morgan Inc Class P -0.4% // Devon Energy Corporation -5.3%, Noble Energy, -3.2%, Halliburton Company -3.1%
Telecom Services -1.4 Take-Tw o Interactive Softw are, 0.8%, Verizon Communications 0.2%, AT&T -0.2% // ViacomCBS Class B -3.5%, Fox Corporation Class B -2.8%, Fox Corporation Class A -2.8%
Consumer Disc. -1.6 L Brands, 2.8%, eBay 1.4%, Tractor Supply Company 0.8% // Hasbro, -9.0%, Capri Limited -4.2%, Wynn Resorts, Limited -4.0%
Information Technology -2.3 Cognizant Technology Solutions Corporation Class A 0.8%, F5 Netw orks, 0.4%, Gartner, 0.3% // Advanced Micro Devices, -7.0%, NVIDIA Corporation -4.7%, IPG Photonics Corporation -4.2%
Last trading day eMini Futures as of 07:32:
S&P 500 -1.1 3 338 eMini S&P 500 Future -1.5 3 291
Nasdaq Composite -1.8 9 577 eMini Nasdaq Future -1.8 9 286
Dow Jones IA -0.8 28 992 eMini Dow Future -1.4 28 575Friday's European Movers
Change % Sector Movers
Utilities 0.6 VERBUND Class A 2.7%, Centrica plc 1.8%, Enagas SA 1.7% // A2A -0.8%, Veolia Environnement SA -0.7%, Naturgy Energy, -0.6%
Health Care 0.0 Elekta Class B 4.7%, Galapagos NV 2.8%, Orion Class B 2.0% // Demant -3.1%, Smith & Nephew plc -2.8%, Sw edish Orphan Biovitrum -2.8%
Consumer Services -0.3 Jeronimo Martins SGPS SA 1.9%, GVC 1.5%, Eutelsat Communications SA 1.4% // Moneysupermarket.com plc -4.3%, Cinew orld plc -4.1%, Pearson -3.9%
Materials -0.4 Polymetal Plc 2.9%, Mondi plc 1.2%, Koninklijke DSM 0.8% // Tenaris -4.4%, HEXPOL Class B -3.7%, Covestro -3.0%
Telecommunications -0.5 Telecom Italia 3.8%, Telefonica Deutschland Holding 1.4%, freenet 0.6% // Proximus SA de droit public -6.0%, Telefonica SA -2.9%, Altice Europe NV Class A -1.6%
Financials -0.6 AIB 3.2%, Cembra Money Bank 2.2%, Fabege 2.0% // UniCredit -3.9%, Deutsche Bank -3.5%, Commerzbank -3.4%
Industrials -0.6 Sika 4.7%, Spectris plc 2.6%, BAE Systems plc 1.9% // ISS -4.8%, Prysmian -3.9%, Valmet Corp -3.2%
Consumer Goods -0.6 Berkeley plc 2.2%, SalMar 1.6%, Imperial Brands 1.2% // Valeo SA -4.8%, HELLA GmbH & KGaA -4.1%, Dometic -3.4%
Technology -0.9 Sopra Steria SA 12.2%, United Internet 1.2%, Atos SE 0.6% // Infineon Technologies -2.9%, Avast Plc -2.8%, AVEVA plc -2.4%
Oil & Gas -1.5 Polski Koncern Naftow y ORLEN 0.6%, Vestas Wind Systems 0.5%, John Wood 0.0% // Tullow Oil plc -4.4%, Lundin Petroleum -4.3%, Aker BP -3.7%
STOXX Europe 600 -0.5 428 OMXS30 -1.0 1 879
STOXX Europe 50 -0.5 3 491 OMXC20 -0.9 1 252
FTSE 100 -0.4 7 404 OMXH25 -0.3 4 470
Germ any HDAX -0.6 7 586 OBX -0.6 843
France CAC 40 -0.5 6 030Global Sectors
1 week 1 month 6 months 1 year
Sector [%] Nordic Europe USA Asia Nordic Europe USA Asia Nordic Europe USA Asia Nordic Europe USA Asia
Materials 0.6 -1.0 -0.3 -1.3 3.0 0.2 -0.3 -4.6 24.9 15.0 6.9 9.6 11.9 9.1 9.0 -0.9
Consumer Staples -0.4 -0.5 -0.1 -2.6 -1.4 -1.1 0.9 -3.2 9.4 4.3 7.4 4.5 13.0 13.8 18.2 -3.4
Consumer Discretionary 0.2 -0.5 -1.1 -1.4 7.3 1.1 2.7 -4.2 17.3 14.1 9.3 8.8 30.7 12.6 18.7 3.2
Financials -0.2 -1.7 -1.3 -1.1 7.1 3.2 -0.2 -1.0 27.3 20.5 15.8 6.5 24.7 12.6 16.1 -0.3
Health Care 0.7 0.8 -0.5 -1.3 6.1 2.5 -1.2 0.9 20.1 16.0 14.1 21.9 27.9 26.7 13.5 17.7
Industrials -2.4 -0.7 -1.2 -2.4 -1.7 0.4 0.0 -5.0 20.2 16.8 11.7 8.4 22.1 21.7 10.7 -0.5
Energy 0.2 -1.6 -0.9 -0.5 6.5 -7.1 -7.8 -7.5 25.6 -1.0 -5.0 3.0 23.4 -11.2 -15.7 -11.8
IT -1.4 -2.0 -2.5 -2.8 2.7 0.6 2.3 -2.9 8.5 18.2 24.4 23.5 -0.3 27.2 42.8 21.6
Telcom Services 2.2 1.8 -1.2 0.0 4.9 2.8 -1.0 2.1 8.4 9.1 14.2 11.6 15.7 5.7 23.9 14.6
Utilities 2.2 2.5 -0.2 -0.2 6.6 10.6 4.0 -0.9 12.5 27.8 13.4 0.6 42.7 34.1 24.1 -9.7
Composite -0.5 -0.6 -1.3 -1.6 3.3 1.1 0.5 -2.5 19.5 13.9 14.1 10.4 21.8 15.6 20.3 4.6
Nordic = OMX Nordic, Europe = Stoxx 600, USA = S&P 500, Asia = S&P Asia Pacific BMINordic performance (-1 day), top 10 and bottom
10 Sweden Norway
Top 10 -1d Bottom 10 -1d Top 10 -1d Bottom 10 -1d
Lundin Mining 5.0 Lundin Petroleum -4.3 Leroy Seafood Group 1.7 BW Offshore Limited -4.1
Elekta 4.7 Investment AB Oresund -3.8 SalMar 1.6 Aker BP -3.7
Eastnine AB SEK 4.3 Hexpol -3.7 Bakkafrost 1.1 PGS -3.5
Modern Times Group 3.5 Dometic -3.4 Gjensidige 1.0 Royal Caribbean Cruises Ltd.
-3.4
Fabege 2.0 Recipharm -2.9 Veidekke 0.9 XXL -3.3
Sinch 1.8 Bilia -2.9 Borregaard 0.7 Aker ASA -2.7
Diös 1.5 Swedish Orphan Biovitrum -2.8 Norsk Hydro 0.4 Aker Solutions -2.5
AstraZeneca 1.5 Atlas Copco -2.6 Entra ASA 0.4 Norwegian Air Shuttle ASA-2.4
Nederman 1.5 Avanza -2.6 Norwegian Property ASA 0.3 Subsea 7 -1.9
Atrium Ljungberg 1.3 Autoliv -2.5 Norway Royal Salmon 0.3 Kongsberg Gruppen ASA -1.4
Denmark Finland
Top 10 -1d Bottom 10 -1d Top 10 -1d Bottom 10 -1d
FLSmidth & Co 1.6 ISS -4.8 Kone 0.7 Valmet -3.2
Vestas 0.5 NKT A/S -3.2 Kemira 0.7 Stockmann -2.8
Veloxis Pharmaceuticals A/S0.0 Demant -3.1 Citycon Oyj 0.6 Wartsila -2.6
Chr. Hansen 0.0 D/S Norden A/S -2.7 Kesko 0.3 Outokumpu -2.0
Rockwool -0.1 H+H International A/S Class-2.5
B Elisa 0.3 Cramo -1.9
Novozymes -0.3 Coloplast -2.0 Konecranes 0.3 Metsä Board -1.3
Lundbeck -0.5 Carlsberg -1.7 Oriola Corp Class B 0.0 Tieto -1.3
Royal Unibrew -0.5 GN Store Nord -1.6 Ramirent Oyj 0.0 Aktia Bank plc -1.2
Ringkjobing Landbobank -0.6 DFDS A/S -1.6 Cargotec -0.1 Metso -1.2
Spar Nord -0.6 Jyske Bank -1.5 Nokia -0.1 Sanoma Oyj -1.1Nordic performance (-1 week), top 10 and
bottom 10
Sweden Norway
Top 10 -1w Bottom 10 -1w Top 10 -1w Bottom 10 -1w
Sinch 28.4 Bilia -9.4 Tomra 15.4 Norwegian Air Shuttle ASA-8.4
Cavotec SA 10.6 Bufab AB -5.5 Borregaard 9.2 Royal Caribbean Cruises Ltd.
-6.2
Betsson AB Class B 8.9 Atlas Copco -4.7 SalMar 6.0 PGS -5.9
Evolution Gaming Group AB 8.9 Eniro AB Class A -4.6 Leroy Seafood Group 6.0 Kvaerner ASA -5.2
Modern Times Group 7.3 Hufvudstaden -4.1 Bakkafrost 4.9 Aker ASA -4.5
Klovern AB Class A 7.0 Swedish Orphan Biovitrum -4.1 Grieg Seafood 3.8 Aker Solutions -4.0
BillerudKorsnäs 5.8 Creades AB Class A -4.1 Norway Royal Salmon 3.7 Aker BP -3.9
AstraZeneca 5.3 New Wave Group AB Class-4.0
B Veidekke 2.3 Schibsted Asa Class A -3.5
Recipharm 5.3 Clas Ohlson -3.6 Norsk Hydro 1.9 BW Offshore Limited -3.2
Eastnine AB SEK 5.0 Concentric AB -3.6 Entra ASA 1.9 Subsea 7 -2.9
Denmark Finland
Top 10 -1w Bottom 10 -1w Top 10 -1w Bottom 10 -1w
Vestas 3.5 ISS -7.4 Elisa 2.5 Tieto -12.0
Jyske Bank 2.8 A.P. Møller-Mærsk -5.5 Kemira 2.2 Stockmann -11.1
Lundbeck 2.5 Zealand Pharma -5.1 UPM-Kymmene 1.6 Cargotec -7.5
GN Store Nord 1.7 D/S Norden A/S -4.0 Metsä Board 0.6 Wartsila -7.5
Sydbank 1.6 DFDS A/S -3.7 Kesko 0.3 Konecranes -7.0
Royal Unibrew 1.5 Demant -3.0 Cramo 0.1 Valmet -6.0
Coloplast 1.2 Pandora -2.5 Ramirent Oyj 0.0 Outokumpu -5.5
Rockwool 1.0 H+H International A/S Class-2.3
B Oriola Corp Class B -0.2 Kone -4.5
Topdanmark 0.8 Matas A/S -1.7 Citycon Oyj -0.4 Huhtamaki -3.7
SimCorp 0.6 Alk-Abello -1.5 Sampo -0.5 Nokia -3.5Nordic RSI(14d) top 10 and bottom 10
Sweden Norway
Highest 10 RSI Lowest 10 RSI Highest 10 RSI Lowest 10 RSI
Evolution Gaming Group AB 88 Eniro AB Class A 24 Borregaard 85 Aker Solutions 27
Sinch 87 ICA Gruppen 32 Tomra 75 Royal Caribbean Cruises Ltd.28
Betsson AB Class B 84 Bergman & Beving AB Class32
B Kongsberg Gruppen ASA 73 Aker ASA 29
Balder 84 Electrolux 34 Gjensidige 70 Aker BP 32
Swedish Match 83 Bufab AB 34 SalMar 69 BW Offshore Limited 34
Wihlborgs 82 Tethys Oil AB 36 DNB 67 Equinor 36
Fabege 79 Bure Equity AB 36 Yara International 66 PGS 37
Eastnine AB SEK 79 Hexpol 36 Bakkafrost 66 Subsea 7 38
Wallenstam 78 Concentric AB 37 Entra ASA 65 Kvaerner ASA 38
Swedbank 77 Knowit 37 AF Gruppen 62 Schibsted Asa Class A 40
Denmark Finland
Highest 10 RSI Lowest 10 RSI Highest 10 RSI Lowest 10 RSI
GN Store Nord 75 ISS 34 Elisa 85 Tieto 27
Sydbank 72 DFDS A/S 35 Kesko 72 Cargotec 34
Rockwool 71 D/S Norden A/S 36 Aktia Bank plc 69 Wartsila 37
Jyske Bank 69 A.P. Møller-Mærsk 38 Uponor 69 Kone 37
Royal Unibrew 67 SimCorp 42 Neste 64 Outotec 38
Coloplast 67 Pandora 43 Outokumpu 61 Oriola Corp Class B 41
Novozymes 66 Lundbeck 44 Stockmann 59 Metso 42
Novo Nordisk 65 Ringkjobing Landbobank 45 Nokian Tyres 58 Metsä Board 46
Zealand Pharma 64 Spar Nord 48 UPM-Kymmene 57 Fortum 47
Chr. Hansen 64 Carlsberg 50 YIT 57 Kemira 48Nordic stocks closing in US/Canada Friday
Volum e
US/Sw eden US closing SEK/USD SEK price SE closing Difference % 1000's
ABB 24.0 9.7 233.4 233.7 -0.3 -0.1% 1 424
Astrazeneca 50.2 9.7 976.0 969.2 6.8 0.7% 4 106
Autoliv 73.6 9.7 715.6 723.8 -8.2 -1.1% 525
Ericsson 8.9 9.7 86.7 86.7 -0.1 -0.1% 5 269
Millicom 46.4 9.7 451.0 451.4 -0.4 -0.1% 25
Lundin Petroleum 30.8 9.7 299.6 299.6 0.0 0.0% 1
Veoneer 14.2 9.7 138.5 138.4 0.2 0.1% 384
US/Finland US closing EUR/USD EUR price FN closing Difference % Volum e
Nokia 4.2 0.9 3.8 3.8 0.0 0.8% 21 123
US/Norw ay US closing NOK/USD NOK price NO closing Difference % Volum e
Frontline 8.1 9.3 75.5 75.3 0.2 0.3% 974
Norsk Hydro 3.2 9.3 30.1 30.1 0.0 0.0% 34
Seadrill 9.3 n.m
StatoilHydro 17.1 9.3 159.2 158.5 0.7 0.5% 6 627
Subsea 7 10.4 9.3 96.3 96.1 0.2 0.2% 6
US/Denm ark US closing DKK/USD DKK price DK closing Difference % Volum e
Novo Nordisk 63.9 6.9 439.5 438.7 0.8 0.2% 874
Canada/Sw eden Canada closing SEK/CAD SEK price SE closing Difference % Volum e
Africa Oil 1.3 7.4 9.3 9.3 0.1 0.6% 106
Etrion 0.2 7.4 1.7 1.7 -0.1 -3.6% 0
Lundin Mining 7.5 7.4 55.3 54.6 0.8 1.4% 6 303
Semafo 3.2 7.4 23.6 24.6 -1.0 -4.0% 1 886-1w Equity Indices & Currency Movements
1w equity indices movements 1w currency movements
Winners Stock Index -1w Change (%) Winners Price 1w Change (%)
1 China Shenzhen SE A Share Index 4.3 1 CAD/JPY 84.5 1.7
2 OMX Iceland 10 2.9 2 CAD/BRL 3.3 1.5
3 CAD/AUD 1.1 1.4
3 Ireland ISEQ Overall 1.2
4 CAD/RUB 48.6 1.3
4 OMX Baltic Vilnius (TR) Fixed 0.7
5 GBP/JPY 144.8 1.2
5 SSE Composite Index 0.7
Losers Price 1w Change (%)
Losers Stock Index -1w Change (%)
1 JPY/EUR 0.0 -1.8
1 KOSPI 100 -9.0
2 BRL/EUR 0.2 -1.6
2 Thailand SET -6.1 3 JPY/USD 0.0 -1.6
3 Hang Seng Index -4.3 4 AUD/EUR 0.6 -1.4
4 Turkey BIST 100 -4.2 5 BRL/USD 0.2 -1.4
5 ASX All Ordinaries -3.6 Source: Factset
Source: Factset *All mirror pairs removedNordics - Top/Bottom 10 Stock Movements
The Nordics - Top and Bottom 10 stocks
Winners Company Change (%) Losers Company Change (%)
1 Oasmia Pharmaceutical AB 52.1 1 Thin Film Electronics ASA -14.6
2 REC Silicon ASA 26.2 2 Ponsse Oyj -14.1
3 TOMRA Systems ASA 14.8 3 TietoEVRY Oyj -12.0
4 Cavotec SA 10.3 4 Stockmann Oyj Abp Class B -11.1
5 Norwegian Finans Holding ASA 9.3 5 Catena AB -10.4
6 Borregaard ASA 8.7 6 Bilia AB Class A -9.6
7 Betsson AB Class B 8.6 7 Tikkurila Oyj -9.4
8 DOF ASA 8.3 8 Norwegian Air Shuttle ASA -8.9
9 Kambi Group plc Class B 7.8 9 Cargotec Oyj Class B -7.5
10 Modern Times Group MTG AB Class B 7.0 10 Wartsila Oyj Abp -7.5
Source: Factset
The Nordic Indices
Index -1w Performance
Norway OSE All Share 0.1%
OMX Copenhagen All Share 0.4%
OMX Helsinki All Share -1.7%
OMX Stockholm All Share 0.0%
Source: FactsetEurope - Top/Bottom 10 Stock Movements
Europe - Top and Bottom 10 stocks
Winners Company Change (%) Losers Company Change (%)
1 Deutsche Telekom AG 5.6 1 Swiss Re AG -9.5
2 Electricite de France SA 5.3 2 Renault SA -8.2
3 AstraZeneca PLC 4.8 3 ING Groep NV -7.8
4 Schneider Electric SE 4.8 4 Deutsche Bank AG -6.5
5 NOVATEK JSC Sponsored GDR RegS 4.5 5 Steinhoff International Holdings NV -6.5
6 MMC Norilsk Nickel PJSC ADR 4.2 6 ArcelorMittal SA -6.4
7 Orsted 3.6 7 A.P. Moller - Maersk A/S Class B -5.5
8 Vestas Wind Systems A/S 3.5 8 Repsol SA -5.5
9 BAE Systems plc 3.5 9 Infineon Technologies AG -5.3
10 Telecom Italia S.p.A. 3.2 10 AXA SA -5.2
Source: FactsetThe US - Top/Bottom 10 Stock Movements
The US - Top and Bottom 10 stocks
Winners Company Change (%) Losers Company Change (%)
1 Sprint Corp. 15.6 1 Morgan Stanley -6.2
2 Tesla Inc 12.6 2 NXP Semiconductors NV -4.9
3 PG&E Corporation 10.6 3 S&P Global, Inc. -4.7
4 Deere & Company 5.5 4 General Electric Company -4.6
5 Liberty Global Plc Class A 4.5 5 Intel Corporation -4.4
6 SPDR Gold Trust 3.8 6 Broadcom Inc. -4.2
7 Gilead Sciences, Inc. 3.1 7 Halliburton Company -3.9
8 FedEx Corporation 2.9 8 JD.com, Inc. Sponsored ADR Class A -3.8
9 Cognizant Technology Solutions Corporation Class
2.4 A 9 Apple Inc. -3.7
10 Simon Property Group, Inc. 2.3 10 Las Vegas Sands Corp. -3.7
Source: FactsetHandelsbanken’s Estimate & Recommendation
Changes
Source: Handelsbanken Capital Markets Source: Handelsbanken Capital Markets
Handelsbanken est. Changes Handelsbanken recommendation changes
Company -1w Sales 2020 ch (%) -1w Sales 2021 ch (%) -1w EPS 2020 ch (%) -1w EPS 2021 ch (%) Company Recommendation change
Tomra Buy to Hold
Sinch 1.6 1.2 10.6 6.4
Tieto 0.9 1.1 10.2 12.6
Recipharm -0.3 -0.3 10.0 10.0
Internationella Engelska Skolan 1.3 1.8 2.0 1.9
Balder 0.0 0.5 1.8
Elekta -1.7 -1.7 -0.6 -1.8
Tomra -0.5 -0.5 -1.7 -3.0Nordics - Top/Bottom 10 Consensus EPS Revision –
This Year
The Nordics - Consensus EPS Revision
Top10 Company 2020 EPS rev. (%)
1 Recipharm AB Class B 27.0
2 A.P. Moller - Maersk A/S Class B 12.1
3 TOMRA Systems ASA 6.7
4 Catena AB 6.6
5 Systemair AB 6.1
6 Cavotec SA 5.9
7 Ocean Yield ASA 5.8
8 Norwegian Finans Holding ASA 3.3
9 Swedish Match AB 2.2
10 Saab AB Class B 1.9
Bottom10 Company 2020 EPS rev. (%)
1 Genmab A/S -43.3
2 Odfjell SE Class A -14.0
3 Electrolux AB Class B -9.4
4 Ponsse Oyj -5.3
5 Klovern AB Class B -5.0
6 Mowi ASA -2.8
7 Aker ASA Class A -1.9
8 Outotec Oyj -1.9
9 TGS-NOPEC Geophysical Company ASA -1.7
10 Equinor ASA -1.6
Source: FactsetEurope - Top/Bottom 10 Consensus EPS Revision –
This Year
Europe - Consensus EPS Revision
Top10 Company 2020 EPS rev. (%)
1 Swiss Re AG 116.6
2 Telefonica SA 33.1
3 Glencore plc 23.5
4 Repsol SA 19.9
5 Rosneft Oil Co. 19.2
6 Schneider Electric SE 12.1
7 A.P. Moller - Maersk A/S Class B 12.1
8 Ferrari NV 9.5
9 Fresenius Medical Care AG & Co. KGaA 8.5
10 Allianz SE 8.2
Bottom10 Company 2020 EPS rev. (%)
1 Renault SA -17.1
2 BP p.l.c. -4.1
3 HSBC Holdings Plc -3.4
4 Anglo American plc -3.3
5 Compagnie Financiere Richemont SA -2.1
6 Schindler Holding AG -1.8
7 Equinor ASA -1.6
8 VTB Bank PJSC Sponsored GDR RegS -1.3
9 BHP Group Plc -1.1
10 Oil company LUKOIL PJSC -1.1
Source: FactsetThe US - Top/Bottom 10 Consensus EPS Revision –
This Year
The US - Consensus EPS Revision
Top10 Company 2020 EPS rev. (%)
1 Ecolab Inc. 8.4
2 PG&E Corporation 4.4
3 American Electric Power Company, Inc. 4.0
4 Southern Company 2.4
5 Walmart Inc. 2.3
6 Tesla Inc 2.1
7 Deere & Company 0.9
8 Medtronic Plc 0.7
9 Southwest Airlines Co. 0.6
10 Altria Group Inc 0.4
Bottom10 Company 2020 EPS rev. (%)
1 Equinix, Inc. -2.2
2 Las Vegas Sands Corp. -2.0
3 Exxon Mobil Corporation -1.8
4 American International Group, Inc. -1.5
5 Apple Inc. -1.1
6 Kraft Heinz Company -1.1
7 Phillips 66 -0.9
8 Raytheon Company -0.6
9 Chevron Corporation -0.6
10 Ford Motor Company -0.5
Source: FactsetNordics - Top/Bottom 10 Consensus EPS Revision –
Next Year
The Nordics - Consensus EPS Revision
Top10 Company 2021 EPS rev. (%)
1 Genmab A/S 44.1
2 Cavotec SA 25.5
3 A.P. Moller - Maersk A/S Class B 19.5
4 Norwegian Finans Holding ASA 13.0
5 Recipharm AB Class B 10.4
6 Archer Limited 9.2
7 Alma Media Oyj 8.9
8 Catena AB 8.9
9 Sanoma Oyj 8.7
10 Fagerhult AB 5.8
Bottom10 Company 2021 EPS rev. (%)
1 Bavarian Nordic A/S -35.7
2 Hafnia Ltd. -13.3
3 Akastor ASA -12.4
4 Outotec Oyj -9.4
5 Klovern AB Class B -8.1
6 Austevoll Seafood ASA -4.4
7 Mowi ASA -3.5
8 Odfjell Drilling Ltd. -2.9
9 Entra ASA -2.5
10 TietoEVRY Oyj -1.8
Source: FactsetEurope - Top/Bottom 10 Consensus EPS Revision –
Next Year
Europe - Consensus EPS Revision
Top10 Company 2021 EPS rev. (%)
1 Glencore plc 29.6
2 A.P. Moller - Maersk A/S Class B 19.5
3 Rosneft Oil Co. 16.5
4 Schneider Electric SE 14.1
5 Ferrari NV 13.5
6 Fresenius Medical Care AG & Co. KGaA 12.6
7 Deutsche Telekom AG 12.5
8 Swiss Re AG 10.9
9 Fresenius SE & Co. KGaA 10.3
10 NOVATEK JSC Sponsored GDR RegS 10.3
Bottom10 Company 2021 EPS rev. (%)
1 Renault SA -6.5
2 Anglo American plc -3.7
3 Banco Bilbao Vizcaya Argentaria, S.A. -2.9
4 Sberbank Russia PJSC -2.3
5 GlaxoSmithKline plc -2.3
6 Gazprom PJSC -2.3
7 Electricite de France SA -2.2
8 Kering SA -2.1
9 Aviva plc -2.0
10 Fiat Chrysler Automobiles N.V. -2.0
Source: FactsetThe US - Top/Bottom 10 Consensus EPS Revision –
Next Year
The US - Consensus EPS Revision
Top10 Company 2021 EPS rev. (%)
1 Ecolab Inc. 8.6
2 American Electric Power Company, Inc. 6.1
3 PG&E Corporation 6.0
4 Walmart Inc. 4.3
5 Southern Company 3.7
6 Deere & Company 1.5
7 Phillips 66 1.0
8 Johnson Controls International plc 0.9
9 eBay Inc. 0.8
10 General Motors Company 0.8
Bottom10 Company 2021 EPS rev. (%)
1 Equinix, Inc. -4.9
2 Morgan Stanley -2.5
3 QUALCOMM Incorporated -1.5
4 American International Group, Inc. -1.4
5 JD.com, Inc. Sponsored ADR Class A -0.8
6 Waste Management, Inc. -0.8
7 Kraft Heinz Company -0.5
8 Las Vegas Sands Corp. -0.5
9 Philip Morris International Inc. -0.4
10 Caterpillar Inc. -0.4
Source: FactsetNordics - Top/Bottom 10 Consensus
Recommendation Ratio Changes
The Nordics - Consensus Rec. Ratio
Top10 Company Rec. Ratio (%) -1w ratio change p.p.
1 PGS ASA 26 10.5
2 TGS-NOPEC Geophysical Company ASA 57 7.1
3 Mowi ASA 7 7.1
4 Swedish Match AB 35 4.0
5 Securitas AB Class B -37 3.2
6 Zealand Pharma A/S 67 3.0
7 Elisa Oyj Class A -55 2.1
8
9
10
Bottom10 Company Rec. Ratio (%) -1w ratiochange p.p.
1 Electrolux AB Class B 33 -13.3
2 Chr. Hansen Holding A/S -36 -7.1
3 Elekta AB Class B 18 -5.9
4 Danske Bank A/S 32 -4.5
5 Genmab A/S 60 -4.0
6 Nokian Renkaat Oyj -30 -3.7
7 Novozymes A/S Class B -35 -3.4
8 Kone Oyj Class B -41 -2.3
9 Svenska Handelsbanken AB Class A -11 -0.5
10
Source: FactsetEurope - Top/Bottom 10 Consensus
Recommendation Ratio Changes
Europe - Consensus Rec. Ratio
Top10 Company Rec. Ratio (%) -1w ratio change p.p.
1 Royal Bank of Scotland Group plc 27 13.6
2 Intesa Sanpaolo S.p.A. 10 10.0
3 Swatch Group Ltd. Bearer 13 8.7
4 LVMH Moet Hennessy Louis Vuitton SE 63 7.4
5 Swisscom AG -44 6.3
6 Deutsche Boerse AG TEMP 6 5.6
7 Carrefour SA 48 5.5
8 VTB Bank PJSC Sponsored GDR RegS 45 5.5
9 Siemens AG 68 4.5
10 Lloyds Banking Group plc 35 4.3
Bottom10 Company Rec. Ratio (%) -1w ratio change p.p.
1 Vonovia SE 47 -11.8
2 Telecom Italia S.p.A. 65 -11.8
3 ArcelorMittal SA 65 -9.8
4 Unilever PLC 29 -4.8
5 Danske Bank A/S 32 -4.5
6 SSE plc 24 -4.2
7 KBC Group N.V. 46 -4.2
8 Telefonica SA 50 -4.2
9 Royal Ahold Delhaize N.V. 12 -4.0
10 GlaxoSmithKline plc 14 -3.9
Source: FactsetThe US - Top/Bottom 10 Consensus
Recommendation Ratio Changes
The US - Consensus Rec. Ratio
Top10 Company Rec. Ratio (%) -1w ratio change p.p.
1 Eaton Corp. Plc 67 6.7
2 Ecolab Inc. 30 6.2
3 EOG Resources, Inc. 86 5.7
4 3M Company 0 5.6
5 T-Mobile US, Inc. 80 5.0
6 AbbVie, Inc. 55 4.5
7 Travelers Companies, Inc. -9 4.3
8 Emerson Electric Co. 45 3.8
9 eBay Inc. 18 3.5
10 Exelon Corporation 68 3.4
Bottom10 Company Rec. Ratio (%) -1w ratio change p.p.
1 Morgan Stanley 50 6.7
2 Southern Copper Corporation 13 6.2
3 American Electric Power Company, Inc. 41 5.7
4 Caterpillar Inc. 36 5.6
5 General Motors Company 79 5.0
6 Alexion Pharmaceuticals, Inc. 74 4.5
7 Raytheon Company 50 4.3
8 McKesson Corporation 41 3.8
9 Cognizant Technology Solutions Corporation Class A 0 3.5
10 Johnson Controls International plc 24 3.4
Source: FactsetNordics – Top/Bottom 10 Consensus Sales
Revisions – This Year
The Nordics - Consensus Sales Revision
Top10 Company 2020 Sales rev. (%)
1 Bavarian Nordic A/S 253.9
2 Norwegian Finans Holding ASA 16.7
3 Fagerhult AB 7.2
4 DOF ASA 7.1
5 Catena AB 7.0
6 Recipharm AB Class B 6.9
7 Opus Group AB 6.5
8 Cavotec SA 5.4
9 TOMRA Systems ASA 5.1
10 A.P. Moller - Maersk A/S Class B 4.1
Bottom10 Company 2020 Sales rev. (%)
1 Vestjysk Bank A/S -16.1
2 Scatec Solar ASA -9.3
3 Prosafe SE -6.6
4 AF Gruppen ASA Class A -4.1
5 Ponsse Oyj -1.4
6 Equinor ASA -1.4
7 Elekta AB Class B -0.7
8 Austevoll Seafood ASA -0.7
9 Alma Media Oyj -0.6
10 Schibsted Asa Class A -0.5
Source: FactsetEurope – Top/Bottom 10 Consensus Sales Revisions
– This Year
Europe - Consensus Sales Revision
Top10 Company 2020 Sales rev. (%)
1 Prudential plc 10.0
2 Ferrari NV 9.4
3 Deutsche Boerse AG TEMP 8.8
4 Fresenius Medical Care AG & Co. KGaA 6.0
5 Fresenius SE & Co. KGaA 5.3
6 BAE Systems plc 4.9
7 Schneider Electric SE 4.4
8 A.P. Moller - Maersk A/S Class B 4.1
9 Swiss Re AG 4.0
10 Anglo American plc 3.3
Bottom10 Company 2020 Sales rev. (%)
1 Rosneft Oil Co. -4.9
2 Lloyds Banking Group plc -3.3
3 OMV AG -1.6
4 Telefonica SA -1.4
5 Equinor ASA -1.4
6 AXA SA -1.3
7 Kering SA -1.1
8 HeidelbergCement AG -1.1
9 Oil company LUKOIL PJSC -0.8
10 BP p.l.c. -0.8
Source: FactsetThe US – Top/Bottom 10 Consensus Sales Revisions
– This Year
The US - Consensus Sales Revision
Top10 Company 2020 Sales rev. (%)
1 PG&E Corporation 5.7
2 American Electric Power Company, Inc. 4.6
3 Southern Company 3.6
4 Walmart Inc. 2.8
5 Ecolab Inc. 2.4
6 Deere & Company 0.7
7 Charles Schwab Corporation 0.3
8 Travelers Companies, Inc. 0.2
9 Anthem, Inc. 0.1
10 Applied Materials, Inc. 0.1
Bottom10 Company 2020 Sales rev. (%)
1 Exelon Corporation -1.9
2 ConocoPhillips -1.0
3 Duke Energy Corporation -0.9
4 JD.com, Inc. Sponsored ADR Class A -0.9
5 Philip Morris International Inc. -0.8
6 Apple Inc. -0.6
7 Las Vegas Sands Corp. -0.5
8 Medtronic Plc -0.5
9 Kinder Morgan Inc Class P -0.5
10 Tesla Inc -0.3
Source: FactsetNordics – Top/Bottom 10 Consensus Sales
Revisions – Next Year
The Nordics - Consensus Sales Revision
Top10 Company 2021 Sales rev. (%)
1 Genmab A/S 35.2
2 Norwegian Finans Holding ASA 16.4
3 TOMRA Systems ASA 8.2
4 Catena AB 7.4
5 Sanoma Oyj 6.8
6 Cavotec SA 5.7
7 Akastor ASA 3.8
8 Opus Group AB 3.7
9 Recipharm AB Class B 3.7
10 A.P. Moller - Maersk A/S Class B 3.3
Bottom10 Company 2021 Sales rev. (%)
1 Prosafe SE -11.3
2 Archer Limited -5.0
3 Scatec Solar ASA -4.0
4 AF Gruppen ASA Class A -3.3
5 Hoegh LNG Holdings Ltd. -1.7
6 DSV Panalpina A/S -1.3
7 Elekta AB Class B -1.1
8 Bavarian Nordic A/S -1.0
9 Ponsse Oyj -0.6
10 SpareBank 1 Nord-Norge -0.5
Source: FactsetEurope – Top/Bottom 10 Consensus Sales Revisions
– Next Year
Europe - Consensus Sales Revision
Top10 Company 2021 Sales rev. (%)
1 Ferrari NV 9.1
2 Glencore plc 8.9
3 Deutsche Boerse AG TEMP 8.4
4 Fresenius Medical Care AG & Co. KGaA 6.5
5 Schneider Electric SE 5.7
6 Aviva plc 5.7
7 Fresenius SE & Co. KGaA 5.7
8 NOVATEK JSC Sponsored GDR RegS 5.5
9 Rosneft Oil Co. 4.9
10 BAE Systems plc 4.7
Bottom10 Company 2021 Sales rev. (%)
1 Sberbank Russia PJSC -2.1
2 Lloyds Banking Group plc -1.3
3 Oil company LUKOIL PJSC -0.9
4 Royal Bank of Scotland Group plc -0.8
5 Telecom Italia S.p.A. -0.8
6 Schindler Holding AG -0.6
7 Fiat Chrysler Automobiles N.V. -0.5
8 Imperial Brands PLC -0.5
9 DNB ASA -0.5
10 WPP Plc -0.5
Source: FactsetThe US – Top/Bottom 10 Consensus Sales Revisions
– Next Year
The US - Consensus Sales Revision
Top10 Company 2021 Sales rev. (%)
1 American Electric Power Company, Inc. 3.7
2 Ecolab Inc. 3.3
3 Southern Company 2.7
4 Walmart Inc. 2.4
5 PG&E Corporation 0.4
6 Morgan Stanley 0.4
7 Travelers Companies, Inc. 0.3
8 Baxter International Inc. 0.2
9 Applied Materials, Inc. 0.1
10 United Technologies Corporation 0.1
Bottom10 Company 2021 Sales rev. (%)
1 Kinder Morgan Inc Class P -1.7
2 Exelon Corporation -1.1
3 JD.com, Inc. Sponsored ADR Class A -1.0
4 Medtronic Plc -0.9
5 Duke Energy Corporation -0.9
6 Crown Castle International Corp -0.5
7 Tesla Inc -0.4
8 Deere & Company -0.3
9 Booking Holdings Inc. -0.3
10 Las Vegas Sands Corp. -0.3
Source: FactsetThis week’s agenda
Macro Corporate
Monday Monday
Tuesday Tuesday
• US: CB Consumer Confidence 132.4 (132.4) • Bakkafrost: Q4 report (06:00)
Wednesday • Leroy Seafood Group: Q4 report (06:30)
• US: New Home Sales (MoM) 1.5%(0.4%) • Kone: AGM (11:00)
• US: PPI (MoM) 0.2% (0.1 %) • Millicom: Q4 report (12:00)
Thursday Wednesday
• US: GDP (QoQ) 2.1%(2.1%) • SalMar: FY report (06:30)
Friday • ISS: FY report (08:00)
• SE: GDP (YoY) 1.8% (1.4%) • Novozymes; AGM (16:00)
• CN: Manufacturing PMI (50.0) Thursday
• Balder: FY report (07:00)
• Zalando: FY report (07:00)
FridayEquity research disclaimer Recommendation structure and allocations Handelsbanken Capital Markets Equity Research (HCM) employs a three-graded recommendation scale. The recommendations reflect the analyst’s assessment of how much the share price may appreciate or depreciate in absolute terms in a 12-month time horizon and takes into account risks related to both fundamental expectations and share performance. This assessment is not based on a proprietary HCM model and the basis for the analyst’s assessment is dependent on the characteristics of the sector and the company and a multitude of fundamental and timing factors are incorporated. For more detailed information about the recommendation structure please consult the Handelsbanken Capital Markets website: https://www.researchonline.se/desc/recstruct. Investment ratings are determined by the ranges described in the table below. The recommendations do not represent the analyst’s or the bank’s assessment of the company’s fundamental value or quality. The recommendations and absolute performance intervals, together with the allocation of the rating categories amongst companies under coverage and amongst companies under coverage for which Handelsbanken has provided investment banking services in the past 12 months are listed below: HCM rating RTP is expected to be1 HCM Universe2 IB services3 Buy above 10% 40% 11% Hold between 0% and +10% 41% 14% Sell below 0% 19% 26% Source: Handelsbanken Capital Markets, as per 21/02/2020 Recommendations are continuously reviewed by the analyst and monitored by the Research Management and will be updated and/or refreshed regularly. The rationale behind a change in recommendation will be explained in such a refresher/update. A list of all recommendations made by investment research during the preceding 12-month period is available here: https://www.researchonline.se/desc/rechist. The target price (TP) is the analyst’s assessment of the level at which the share should be traded in a 12-month period. The TP is used as a basis for the recommendation (see explanation above) and takes into account timing-related issues and triggers, such as relative valuation and newsflow. The TP does not represent the analyst’s or the bank’s assessment of the company’s fundamental value or quality. Unless otherwise specified, share prices mentioned in this report refer to the closing price of the previous day. At times, the expected total returns may fall outside of the above stated ranges because of price movement and/or volatility. Such interim deviations from specified ranges will be permitted but will become subject to review by Research
Risk warning All investments involve risks and investors are encouraged to make their own decision as to the appropriateness of an investment in any securities referred to in this report, based on their specific investment objectives, financial status and risk tolerance. The historical return of a financial instrument is not a guarantee of future return. The value of financial instruments can rise or fall, and it is not certain that you will get back all the capital you have invested. At times, the expected total returns may fall outside of the above stated ranges because of price movement and/or volatility. Such interim deviations from specified ranges will be permitted but will become subject to review by Research Management. Valuation and methodology Target prices, outlooks and recommendations expressed in this research report are based on a combination of valuation models, such as discounted cash flow (DCF) and relative valuation to peers using ratios such as price-to-earnings (P/E), enterprise-value-to-operating-profit (EV/EBITDA), price-to-book (P/B) and earnings models. Sales and earnings forecasts are based on historical financial data as reported by the company and the analyst's expectations for company-specific performance are derived from expectations of micro- and macroeconomic developments. The company's different business segments are modelled separately in this process and then aggregated to achieve group forecasts for sales, earnings, cash flow and the balance sheet. For more detailed information about the valuation and methodology please consult the Handelsbanken Capital Markets website: https://www.researchonline.se/desc/disclaimers Research disclaimers Handelsbanken Capital Markets, a division of Svenska Handelsbanken AB (publ) (collectively referred to herein as ‘SHB’), is responsible for the preparation of research reports. SHB is regulated in Sweden by the Swedish Financial Supervisory Authority, in Norway by the Financial Supervisory Authority of Norway, in Finland by the Financial Supervisory Authority of Finland and in Denmark by the Danish Financial Supervisory Authority. All research reports are prepared from trade and statistical services and other information that SHB considers to be reliable. SHB has not independently verified such information and does not represent that such information is true, accurate or complete. In no event will SHB or any of its affiliates, their officers, directors or employees be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the information contained in the research reports, including without limitation any lost profits even if SHB is expressly advised of the possibility or likelihood of such damages. The views contained in SHB research reports are the opinions of employees of SHB and its affiliates and accurately reflect the personal views of the respective analysts at this date and are subject to change. There can be no assurance that future events will be consistent with any such opinions. Each analyst identified in this research report also certifies that the opinions expressed herein and attributed to such analyst accurately reflect his or her individual views about the companies or securities discussed in the research report. Research reports are prepared by SHB for information purposes only. The information in the research reports does not constitute a personal recommendation or personalised investment advice and such reports or opinions should not be the basis for making investment or strategic decisions. This document does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Past performance may not be repeated and should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and investors may forfeit all principal originally invested. Investors are not guaranteed to make profits on investments and may lose money. Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall. This research product will be updated on a regular basis.
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