Q1 results clearly exceeded market expectations, with positive developments in all segments. Generation delivered an excellent optimization margin in Q1, Consumer Solutions delivered a strong performance as the market normalized, and costs under Other Operations were impacted by efficiency measures.
On Tuesday, KH Group significantly lowered its earnings guidance for the current year, citing lower-than-expected revenue and EBIT of Indoor Group and KH-Koneet, mainly for Q1. In our Q4 update, we were skeptical about the very strong and surprisingly precise guidance the company issued in March, but the 25% decline at the midpoint of the guidance was still disappointing to us.
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Betolar's Q1 report did not contain any major surprises regarding the progress of the investment story, and we did not make any material changes to our forecasts after the report.
The investment case one-pager is updated after Green Hydrogen Systems published its Q1 2024 trading statement this Monday. The quarter showed good progress in factory acceptance tests and customer deliveries, and the company maintained its guidance for 2024.
Today, we are publishing our latest Software-as-a-Service (SaaS) sector report, covering the recent news and thematics from the SaaS sector with insights into our comprehensive data set over Danish-listed SaaS companies.
In our view, LapWall's Q1 report can be interpreted as a slight defensive win given the challenging overall picture for the construction sector. We have not made any material changes to our near-term outlook for LapWall, but the strong start to the year and the guidance provided have lowered the risk level of the stock.
Meriaura Group will report its Q1 2024 results on Friday, May 3. Port strikes and other industrial action have had a significant negative impact on the sea freight sector, which we estimate could lead to a year-on-year decline in Q1 results.
Hexicon, a developer of floating offshore wind, holds a large portfolio of projects at various stages of development. Conservatively valued the combined value of the project portfolio is substantially higher than the company’s total equity value. However, significant earn-outs and claims by debt holders, combined with questions about the timing of cashing in the projects, create a somewhat uncertain picture. In addition, the immediate need for a cash infusion puts pressure on Hexicon to either divest projects or seek other financing solutions on uncertain terms.
We have recently started our collaboration with Spar Nord, and as part of this, we have prepared a One-pager on the bank.
Read our One-pager here, where you will get a brief description of the bank and its latest financial report, as well as an outline of a number of positive and negative factors regarding the case. At the same time, you will get the latest key financial figures and ratios, as well as an updated peer group consisting of some of the largest Danish listed banks.
The company has only one open dispute concerning the restructuring, and thus ending the restructuring is realistic already in the near future, which we find positive
Q1 report was a bit soft with growth below estimates. We believe the currently low market activity in the construction and manufacturing sectors slightly burdens Hexagon’s growth in 2024 but the company’s solid long-term growth profile is still intact.
The first months of the year for Kreate went almost as expected in a seasonally weaker Q1. The profitability trend is moving in the right direction, as the results improved for the second quarter in a row. The market is now also showing clear signs of recovery, which bodes well for the delivery of profitable projects in line with Kreate's specialized expertise.
Following the sliding and underperforming share price we have updated our One-Pager which illustrates that the market currently implicitly discounts little value of the company’s pipeline in absolute terms.