June 28, 2022

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Negative Wednesday at the Oslo Stock Exchange - PGS continues to rise after earnings announcement

Kahoot fell sharply before the Oslo Stock Exchange closed: – The stock may have been a bit speculative in recent days

The main index on the Oslo Stock Exchange fell 1.4 percent on Wednesday, the first trading day in June.

Kahoot shares fell sharply 6.9 percent before closing time. When the Oslo Stock Exchange closed, the price was NOK 26.4, down from NOK 28.1 an hour before closing time. When the Oslo Stock Exchange closed on Wednesday, the price was 5.5 percent lower than when it opened on Wednesday.

There were no stock market announcements from the company on Wednesday, but on Wednesday afternoon the company held an open offer for an investor.

But the price drop on Wednesday afternoon does not appear to be related to the news released during the investor presentation. Analysts that DN spoke to indicate that it was shortage On the news that lowered the stock price. They believe that investors were hoping for more specific information on how the company will achieve its own estimate for 2022.

– Maybe he should surrender

– Perhaps the stock has been a bit on the guesswork in recent days. Austin Elton Ludgaard, analyst at APG Sundal Collier says some may have expected there would be more news.

But today’s presentation was probably mostly aimed at educating investors about Kahoot and their various areas of business, says the analyst.

He notes that Kahoot is now winning several key contracts for the corporate market, and is positive about the new Kahoot product market, with course packages for educational materials.

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– It’s like Netflix for course material – you can buy a subscription and get access to all the courses out there. I picked a course on the history of Egypt somewhat at random. A biology student can find courses in biology, etc. I think there’s a lot of really good content out there, but it’s always hard to say how much revenue you’ll provide.

Analyst Henriette Trondsen at Arctic Securities.

Analyst Henriette Trondsen at Arctic Securities. (Photo: Gunnar Lear)

Analyst Henriette Trondsen at brokerage Arctic Securities thinks the stake is now attractive, and notes that the outlook for the company is low. She notes that Arctic’s target price is NOK 45, compared to the current price of just over NOK 26. But she adds:

They will likely have to meet growth expectations before prices increase significantly.

Kahot Chief Ellert Hanwha.

Kahot Chief Ellert Hanwha. (Photo: Skjalg Bøhmer Violence)

More losers in the stock market on Wednesday

Equinor, which was the day’s most heavily traded stock, fell 2.9 percent on the Oslo Stock Exchange on Wednesday. Aker BP shares fell 2.4 percent, while the price of North Sea oil rose by about $117 a barrel.

Otherwise, SAS fell by 7.5 percent After yesterday’s disappointing quarterly report. The company incurred a loss of NOK 1.6 billion in the second quarter and is now working overtime in negotiations with creditors.

Historically, June is a weak month for the Oslo Stock Exchange, according to TDN Direkt: from 1996 to 2021, the main index fell an average of 0.13 percent. In the same period, July gave an average return of 1.45 percent plus, while August and September gave an average negative return of 0.73 percent and 1.33 percent, respectively.

One of the clear winners in the stock market today is the seismic company PGS.

Expected sales revenue of $100 million

In an update Wednesday morning before the exchange opened, PGS released an earnings announcement, as it became clear that more than $100 million in sales revenue is expected in the second quarter.

This corresponds to about 941 million Norwegian kroner.

The company rose for the first time by more than twelve percent. In total, the increase ended at eight percent on Wednesday. Based on Wednesday’s share price, the company was valued at NOK 3.9 billion, and the stock was among the most traded on the stock exchange.

We continue to see an improvement in the earthquake market this year. PGS Director Ron Olaf Pedersen said in the report that significant sales, including high prices, are confirmation that PGS’ multiclient library is very attractive to our customers.

Renewable case for Hydro

Hydro fell 3.8 percent after announcing a new renewable project in Brazil ahead of the exchange’s opening. The project is a wind and solar joint venture in northeastern Brazil, which has been named Feijão. The final investment decision should not be taken until later.

The wind farm’s total investment costs are estimated at $700 million, of which Hydro Rein will own 49.9%.

To TDN Direkt, Carnegie analyst Morten Norman said the investment cost per unit of energy is high compared to other Hydro Rein projects in Brazil – in fact more than double the Boa Sorte and Mendubim projects. At the same time, it is believed that the project has many uncertainties – such as how much wind is present in the area.

We lack many factors to compare these projects, but at this early stage we don’t see Feijão’s project as a “value enhancer,” says Norman. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.