Oslo Børs - investeringsmuligheter Kristian Tunaal Oktober 2012
Oslo Børs - Prising kristian.tunaal@dnb..no (47) 22 94 88 73 2
S&P 500 - Prising kristian.tunaal@dnb..no (47) 22 94 88 73 3
Estimater - utvikling kristian.tunaal@dnb..no (47) 22 94 88 73 4
Estimater - utvikling kristian.tunaal@dnb..no (47) 22 94 88 73 5
1999Q1 1999Q4 2000Q3 2001Q2 2002Q1 2002Q4 2003Q3 2004Q2 2005Q1 2005Q4 2006Q3 2007Q2 2008Q1 2008Q4 2009Q3 2010Q2 2011Q1 2011Q4 2012Q3 STRATEGY S&P 500 reporting season Q3 2012 - EPS Technology Financials Utilities Telecommunications Consumer Services Health Care Consumer Goods Industrials Basic Materials Oil & Gas All Securities S&P 500: Q3 EPS surprises Sector Reported/Total Growth Above less below All Securities 117 / 498 0.1% 41% Oil & Gas 6 / 41-13.4% 0% Basic Materials 5 / 26-15.6% 20% Industrials 19 / 75 9.3% 26% Consumer Goods 14 / 57-3.3% 43% Health Care 12 / 46 5.7% 67% Consumer Services 18 / 74 1.5% 61% Telecommunications 1 / 8 15.4% 0% Utilities 0 / 32 0.0% Financials 29 / 85 5.3% 69% Technology 13 / 54-10.5% -23% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500: Count of Q3 EPS surprises S&P 500 EPS - above less below Technology Financials Utilities Telecommunications Consumer Services Health Care Consumer Goods Industrials Basic Materials Oil & Gas Negative Positive 75% 65% 55% 45% 35% 25% 15% 0 5 10 15 20 25 30
STRATEGY S&P 500 reporting season Q3 2012 - Sales Technology Financials Utilities Telecommunications Consumer Services Health Care Consumer Goods Industrials Basic Materials Oil & Gas All Securities S&P 500: Q3 Sales surprises Sector Reported/Total Growth Above less below All Securities 117 / 498 1.8% -16% Oil & Gas 6 / 41 6.4% -67% Basic Materials 5 / 26-7.7% -20% Industrials 19 / 75 2.0% -26% Consumer Goods 14 / 57 0.4% -29% Health Care 12 / 46 3.9% -67% Consumer Services 18 / 74 4.3% -22% Telecommunications 1 / 8 3.9% -100% Utilities 0 / 32 0.0% Financials 29 / 85 1.0% 38% Technology 13 / 54-0.4% -23% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% S&P 500: Count of Q3 Sales surprises Technology Financials Utilities Telecommunications Consumer Services Health Care Consumer Goods Industrials Basic Materials Oil & Gas Negative Positive 0 5 10 15 20 25
Lånemarkedet for bedrifter: relativt rolig
Lånemarkedet for bedrifter: relativt rolig
Finans: utsikter 2013 Fortsatt små tap i privatmarkedet Norsk økonomi god => små tap i næringsmarkedet Funding billigere Nye regler for soliditet gir begrenset utlånsvekst => mindre konkurranse om kundene Lav prising på sparebanker => kjøpsanledning
Sterk oljepris over flere år gir økte oljeinvesteringer globalt
Og det gjelder også norsk sokkel Investeringstellingen viser nytt rekordnivå neste år:194,3 mrd. NOK. Opp 35,7% fra førstehåndsanslaget for 2012, men 4,1% opp fra siste anslag for 2012. Realprisfall på olje trekker i retning av lavere investeringer på sikt, men gradvis tilpasning. 200 180 160 140 120 100 80 60 40 20 0 Oljeinvesteringer Mrd kroner. Antatte og utførte 1985 1990 1995 2000 2005 2010 Faktisk mai t mai t-1 Kilde: Statistisk sentralbyrå/ DNB M arkets Oljeinvesteringer, % 40 10 30 9 20 10 8 0 7-10 -20 6-30 5 1990 1995 2000 2005 2010 2015 År/år Andel av Fastlands-BNP (ha) Kilde: Statistisk sentralbyrå/ DNB M arkets
Oljeinvesteringer: etterspørsel øker mer enn tilbudet 2012/2012 Investeringene forventet å øke mer enn tilbudet innen rigg/seismikk/produksjon og subsea i 2012/2013 Nok et signal om forventede gode tider innen oil service.
Laksemarkedet vokser videre 2,500 2,000 1,500 1,000 500 Global salmon volumes (k tons wfe) and growth 20.0 % 15.0 % 10.0 % 5.0 % 0.0 % -5.0 % Sterk vekst i markedet for frossen laks i 2012 Veksttakten forventet å falle i 2013 men fortsatt på 5% 0-10.0 % 2001 2003 2005 2007 2009 2011e 2013e Total supply Atlantic Total supply Atlantic growth (rhs)
Fisk - forwardkurve
Anbefalinger: TGS Nopec Unik forretningsmodell Robust mot nedgang ikke mest ekstrem oppside Gode resultater over tid 2008 2009 2010 2011 2012e 2013e Salgsinntekter USDm 582 477 568 609 908 958 EBIT USDm 269 210 227 240 399 413 EPS USD 1.10 1.49 1.55 1.66 2.74 2.88 P/E Justert X 4.5 12.2 14.6 13.4 12.7 12.0 EV/EBIT justert X 1.2 7.6 8.8 7.5 7.7 6.8 EBIT margin X 46.2 % 44.0 % 40.0 % 39.5 % 43.9 % 43.1 % Seismikk er en ferskvare stadig ny etterspørsel selv i modne områder
Anbefalinger: Yara Økte matvarepriser gjennom 2012 Bl.a. tørke i USA Ureaprisene holder seg høye Ny kapasitet i 2013 men dette er kjent 2008 2009 2010 2011 2012e 2013e Salgsinntekter NOKm 88,776 61,418 65,374 80,351 84,125 85,232 EBIT NOKm 15,718 3,058 12,803 15,436 12,913 11,671 EPS NOK 28.27 13.08 30.26 41.82 33.77 29.28 P/E Justert X 5.4 20.4 17.9 6.6 8.5 9.8 EV/EBIT justert X 4.4 30.9 13.1 5.6 6.6 6.8 EBIT margin X 17.7 % 5.0 % 19.6 % 19.2 % 15.3 % 13.7 % Lavere gasspriser i USA gir konkurransefordel fra 2016 (tidligst) Mat må man ha!
Anbefalinger: Veidekke Eksponert mot bygg & anlegg i Norden God historisk record 2008 2009 2010 2011 2012e 2013e Salgsinntekter NOKm 19,395 15,923 15,745 17,727 20,154 21,881 EBIT NOKm 796 593 422 400 468 882 EPS NOK 4.29 3.72 2.65 4.77 2.91 5.27 P/E Justert X 6.4 15.4 23.0 12.9 17.1 9.5 EV/EBIT justert X 5.0 11.6 20.1 13.1 16.8 7.9 EBIT margin X 4.1 % 3.7 % 2.7 % 2.3 % 2.3 % 4.0 % Marginer og aktivitet forventet opp i 2013/2014
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