Debatforum

Fronterne er trukket op, når debatten falder på shorting. Shorting er især knyttet til Bavarian Nordic-chatten på Proinvestor.com - men det gælder for alle debatter om selskaber, som er belejret af short-positioner. Helge Larsen kommenterer også på oliesektoren, herunder Questerre Energy, og laksesektoren, herunder Mowi og Grieg Seafood. https://www.youtube.com/watch?v=FnR8hft0doM&t=4s

Syntes uanset hvor man kigger hen, så er det de negative vinkler der fylder næsten overalt. Samtidig bliver prognoserne for væksten i EU hævet for 2023, så meget forvirrende signaler EU løfter 2023-estimat for væksten og sænker for inflationen 10:06 (opdateres) EU har mandag hævet sit estimat for den økonomiske vækst i eurozonen i 2023, mens forventningerne til inflationen er blevet sænket. Det fremgår af Bloomberg News. Økonomien i eurozonen ventes i 2023 at vokse med 0,9 pct. mod tidligere 0,3 pct., og inflationen ventes i år nu at blive på 5,6 pct. mod det tidligere estimat på 6,1 pct. .\˙ MarketWire

De grønne punkter er Insiderkøb... Det bekræfter ledelsens tro på casen trods væsentlig ændring i antal patienter for Fase 3 studiet SPARKLE. Melding om færdigrekrutering kan komme anyday nu så vi formentlig får data omkring maj/juni (tidligere melding var ca. 8 uger fra tidspunkt for færdigrekrutering) samt ansøgning senere i år således at salget kan starte i 2024. Et salg der på et tidspunkt ifølge analytiker kan ramme omkring 2 mia sek. Med baggrund i den aktuelle markedsværdi i niveauet 500 mio sek må der siges at være et væsentligt potentiale [image: 110474_760A01A7_C435_4823_9C3F_8CF74DF2EDB2.jpeg]

HJÆLP - hvordan finder jeg frem til et gammelt debatindlæg ? Fx Indlæg 95642.

Pensionsrådgiver snakker om pengemarked som alternativ til investering, som man som kunde ikke kan slippe for. Konto med rente er helt umuligt da det absolut ikke tilbydes. Pengemarked er i danske kroner og følger kronens kurs. Rådgiver sagde at man har tabt 2,8 % de seneste fem år hvis man har været i pengemarked. Har i nogle anbefalinger/meninger?

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet 2023 er startet turbulent for GN Store Nords aktionærer. Ligesom de troede på, at man med Demants 4. kvartalsregnskab i hånden kunne håbe på, at 4. kvartal var kulminationen på udfordringerne, kom der endnu en: Rekapitalisering på det forkerte tidspunkt. Det giver nye udfordringer, men der kan også være muligheder: GN Store Nord leverede et blandet regnskab Meget fornuftigt i "Hearing" og den ventede negative udvikling indenfor kommunikation til det private segment. 2023 guidance giver ikke anledning til at konkludere, at det værste med sikkerhed er overstået. På den anden side er der stadig mulighed for at året kan nå at lande på benene. Alt i alt ville det være forventeligt, at aktien ville reagere negativt i størrelsesorden minus 5 % alene vurderet på præstationen og ikke mindst, at aktien op til regnskabet var steget temmelig meget. Det gik anderledes. Da handlen startede, styrtdykkede aktien og faldt indledningsvis mere end 20 %. Årsagen var ikke selve regnskabet, men annonceringen af den kapitalmæssige "reparationsemission" på 7 mia. som med 15 måneders "forsinkelse" skulle rette op på den mildest talt meget uheldige timing med kapitalfremskaffelsen til købet af Steenseries. Hvis man i stedet for at udstede nye aktier på 350-400, bliver tvunget til at gøre det på 1/3 af kursniveauet, har det naturligvis en stor betydning for kapitalomkostningen. Konsekvensen af mistimingen af kapitaludvidelsen er at prisen på Steelseries med ovenstående kursantagelser ikke var 8 mia., men snarere 20 mia. (Alt) for mange virksomheder har desværre ikke blik for og viden om hvor vigtigt finansieringen af tilkøb af og ikke mindst prisen er for værdiskabelse eller -destruktion. Det gode eksempel på dem som gør det godt, er DSV. I den anden ende er det desværre alt for let at finde de eksempler, hvor ledelse/bestyrelse destruerer værdi. GN Store Nord er i den henseende desværre ikke et enkeltstående tilfælde. Er der bud efter og på GN Store Nord? William Demant Invest (WDI) annoncerede i sensommeren, at de havde købt mere end 10 % af aktierne i GN Store Nord. WDI ejer 55-60 % af Demant. Købet har naturligt fået nogen til at spekulere i, om den manøvre var en skjult Demant interesse og at WDI på den måde var "sendt i byen" af Demant. Uanset hvad der måtte være op/ned tegner der sig flere scenarier de kommende uger frem mod GN Store Nords ordinære generalforsamling den 15/3, hvor kapitaludvidelsen skal godkendes. Scenarie 1: Ingen bud + kapitaludvidelse + udvanding Der har været sagt og skrevet en del om risikoen for en kapitaludvidelse og muligheden for et bud på hele eller dele af GN Store Nord. Det mest realistiske er efter min mening fortsat, at der ikke kommer et bud. GN Store Nord vil tænke, at et bud skal være højt, for at det vil blive accepteret og anbefalet af ledelsen. På den anden side har de seneste års op/nedtur ikke øget investorernes tillid til ledelsens evne til at skabe værdi. Ledelsen har nok et ord at skulle have sagt i relation til evt. at anbefale det. Tallene lyver dog ikke, og investorerne vil formentlig se på fremtiden med en ændret ledelse over tid uanset. Der er allerede "bevægelse" i bestyrelsen, og det er helt naturligt. Scenarie 2: Demant byder på GN Store Nord I forhold til WDI, som har erhvervet 10%+ ejerandel, er det realistisk, at de kunne byde. Demant er den mest realistiske, hvis det kommer til et bud. Sonova er for store og konkurrencemyndighederne vil formentlig ikke uden sværdslag acceptere en sammenlægning. Slet ikke med Sonova og ikke uden en grundig gennegang med Demant. Hvis der kommer et bud vil det kræve en længere godkendelsesperiode. Vi så med Novozymes' ekstremt overgenerøse bud på Chr. Hansen, at investorerne reagerer med skuffelse og store kursfald, hvis en køber overspenderer med en pris. Det er klart det som skete i tilfældet med NZYM/Chr: Hansen. Især fordi synergierne er/var alt for små til at kunne retfærdiggøre en så markant overpris. Det taler for at Demant vil tænke sig godt om Hvis Demant byder, skal der være 3 forhold som skal være opfyldte for at investorerne vil nikke anerkendende. 1)Sandsynlighed for at en fusion kan blive godkendt. 2)Buddet skal være attraktivt men ikke for højt. 3)Synergierne skal være meget store, dokumenterbare og troværdige. Synergierne er ikke så svære at få øje på. Demant har svært ved at få økonomi i sin "kommunikations" afdeling, og synerginerne må forventes at være meget betydelige. Endnu større bør de være ved sammenlægning af hearing. Det er om ikke sandsynligt, så dog ikke umuligt, at forudsætningerne for et Demant bud i den henseende er til stede. Der er dog også udfordringer, som er til at få øje på. Demant har selv en gæld, som ligger lidt over hvad selskabet selv er komfortabel med, og 2023 bliver i den forbindelse et år, hvor den stærke indtjening (guidance på EBIT 3,6-4 mia.) skal få bragt gælden ned. Et køb af gældsplagede GN Store Nord vil for 2023 gøre den udfordring lidt større. Gælden i Demant og ikke mindst i GN Store Nord er en udfordring, som Demant er eller bør være fuldt klar over. Broen mellem muligheder/udfordringer kan være netop de meget store synergier, som over tid skal være meget store. Overordnet tilsiger det en 1)Mindre generøst bud, som bliver afvist; 2)meget store synergier. Scenarie 3: Kapitalfond byder på GN Store Nord Fra tid til anden har der være rygter om at kapitalfondsinteresser har kigget på GN Store Nord. Ingen røg uden ild sandsynliggør, at det har forholdt sig sådan. Det må være realistisk, at der regnes på muligheder for at byde. Kapitalfonde har formentlig ikke udfordringer med at skaffe kapitalen, men den bliver dyr. På den ene side reducerer det en budpris i givet fald. Samtidig øger det presset på GN Store Nord for hurtigt at blive økonomisk en meget bedre forretning Demant er naturlig køber, men sker det? Det er tvivlsomt om der kommer et bud. Hvis det kommer er det realistisk, at det kommer fra Demant. Et højt bud vil kunne presse Demant aktien med mindre synergierne er ekstreme. Et "underbud" på 225 eller lavere vil næppe have nogen større muligheder for succes. Et bud kan åbne op for andre bud, og det første behøver ikke være det eneste som sker. WDI har sikret sig en "blokeringsadgang" med sin 10 % andel, som forhindrer at en køber kan tvangsindløse GN Store Nord i givet fald GN Store Nord ligger som de har redt, og udfordringerne er (be)tydelige. Et bud er muligt, men ikke det mest sandsynlige, tænker jeg.

Sender lige min mini analyse fra Januar igen. Bliver opdateret efter regnskab med nye væksttal som jeg formoder bliver præsenteret i.f.m regnskab [image: 101890_Skaermbillede_2022_03_11_094936_analyse.jpg]

jeg troede at C25 var baseret på markedsværdi uden cap. Men for et par dage siden regnede jeg på stigningen i samlet markedsværdi for alle 25 aktier og sammenlignede med stigningen med indeks. Markedsværdien steg 1,7%, mens indeks steg over 2%. Det var en dag hvor NOVO steg 1%. Er der nogen der ved hvor man kan se vægtningen?

Norden OVERBLIK FY: Skabte rekordresultat i volatile markeder 10/2 09:19 Rederiet Norden her fredag morgen afleveret regnskab for 2022 med det bedste finansielle resultat nogensinde. Overskuddet blev mere end tredoblet i 2022 til 744 mio. dollar fra 205 mio. dollar i 2021. Resultatet forrenter egenkapitalen med 64 pct. mod 22 pct. i 2021. Foreslår endeligt udbytte på 30 kr. per aktie, efter at rederiet tidligere i 2022 har udbetalt 60 kr. per aktie. Udbyttet suppleres med et nyt aktietilbagekøbsprogram på om til 50 mio. dollar. Norden spille ud med en forventning til 2023 om et resultat før skat på 330-430 mio. dollar. Nordens topchef Jan Rindbo udtaler: "I 2023 forventer vi endnu et stærkt resultat, da vi allerede har sikret stor værdi for året, og er solidt positioneret til at kunne udnytte de muligheder, som opstår på tværs af vores to markeder." Tabel for rederiet Nordens regnskab for fjerde kvartal af 2022: Mio. dollar Q4 2022 Q4 2021 FY 2022 FY 2021 Omsætning 1307,7 1152,3 5312,4 3551,8 EBITDA 286,2 220,5 1159,1 532,2 EBIT 210,9 134,7 791,6 245,5 Nettoresultat 204,6 122,6 743,5 204,5 Assets & Logistics* 73,2 2,5 193,1 5,1 Freight Services & Trading* 131,4 120,1 550,4 199,4 *Sammenligningstal for Assets & Logistics baseret på den tidligere division Asset Management. Sammenligningstal for Freight Services & Trading baseret på Dry Operator plus Tanker Operator. Skyldes ny virksomhedsstruktur fra 2022. Nordens forventninger til 2023: Mio. dollar Ved FY '22 Nettoresultat 330-430 .\˙ MarketWire [image: 110348_72660653_10221516161039283_7391391837400858624_n.jpg]

Q4 2022: Strong organic revenue growth of 14% in GN Hearing and -3% in GN Audio primarily driven by 9% in Enterprise 9.2.2023 07.00 • GlobeNewswire • 2022 Highlights GN delivered DKK 18.7 billion revenue with organic revenue growth of -3% Adj. EBITA of DKK 2.2 billion Intention to initiate a fully underwritten rights issue with gross proceeds of DKK 7 billion in order to accelerate deleveraging to 1-2x NIBD/EBITDA in the short-term GN Hearing had a very strong finish to the year with 14% organic revenue growth in Q4 2022 driven by significant market share gains as a result of the successful ReSound OMNIA launch. Consequently, GN Hearing delivered 5% organic revenue growth in 2022, in line with the financial guidance. Revenue growth was 17% including around 7% impact from the development in foreign exchange rates and around 5% impact from M&A. The Emerging business (JabraEnhance.com) delivered 73% organic revenue growth. The revenue in 2022 reached DKK 6,227 million, compared to DKK 5,332 million in 2021. GN Audio executed strongly in the Enterprise business in Q4 2022 with 9% organic revenue growth. Consequently in 2022, the Enterprise business matched the all-time high revenue from 2021 despite significant market challenges. The strong performance resulted in market share gains due to a world-leading product portfolio and solid channel execution. In spite of supply chain challenges and soft market conditions SteelSeries increased their revenues quarter by quarter, and ended with a strong finish, delivering organic revenue growth of -4% in Q4 2022, resulting in market share gains. The Consumer business was challenged by reduced consumer sentiment and significant promotions, which resulted in organic revenue growth of -37% for 2022. As a result, GN Audio delivered -7% organic revenue growth in 2022, in line with the updated financial guidance. The revenue in 2022 reached DKK 12,460 million, compared to DKK 10,443 million in 2021. The acquisitions of Lively - now rebranded JabraEnhance.com - and SteelSeries are strategically important to GN Hearing and GN Audio, both doing very well in their market segments and present significant growth opportunities. The decision on how to fund the SteelSeries acquisition was taken in October 2021 under different macro-economic assumptions. Multiple external factors presented GN with significant headwinds throughout 2022: War in Ukraine, soaring inflation, declining consumer confidence, looming recession. This came on top of continued COVID-19 market disturbances, supply chain challenges, FX headwinds, and very high freight costs. In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the macroeconomic environment and GN's leverage, GN has announced that it intends to raise gross proceeds of DKK 7 billion in the first half of 2023 through the issuance of new shares with pre-emptive rights for GN's shareholders (the "Rights Offering"). Proceeds from the Rights Offering will be used to strengthen GN's balance sheet and provide appropriate financial flexibility. With these actions we are confirming our commitment to the capital structure policy with a target of 1-2x NIBD/EBITDA, which we plan to reach in the short term. GN has entered into a standby underwriting letter and, as such, the Rights Offering is, subject to certain customary conditions, fully underwritten by a syndicate of banks. In connection with the Annual General Meeting on March 15, 2023, GN's Board of Directors plan to seek authorization to increase the share capital with pre-emptive rights for the existing shareholders. Financial highlights Q4 2022 GN Store Nord delivered revenue of DKK 5.3 billion in Q4 2022 and an organic revenue growth of 3%. Adj. EBITA was DKK 744 million, equal to a growth of 14% compared to Q4 2021 GN Hearing delivered a very strong 14% organic revenue growth in Q4 2022 driven by significant market share gains as a result of the successful ReSound OMNIA launch. Adj. EBITA was DKK 503 million in the core business, equal to an EBITA margin of 28.9%, reflecting strong operating leverage. The Emerging business delivered an EBITA of DKK -31 million GN Audio delivered -3% organic revenue growth in Q4 2022 driven by 9% organic revenue growth in Enterprise but offset by -38% organic revenue growth in Consumer. SteelSeries delivered a strong finish to the year leading to an organic growth of -4% in Q4 2022 in a soft market. Adj. EBITA ended at DKK 334 million in Q4 2022 Financial highlights Q4 2022 GN Hearing GN Audio DKK million GN Hearing Core business Emerging business GN Audio GN Audio organic Steel- Series Revenue 1,807 1,742 65 3,463 2,679 784 Organic growth 14% 14% 77% -3% -3% -4% Adj. EBITA** 472 503 -31 334 Adj. EBITA margin** 26.1% 28.9% 9.6% Group total* GN Hearing GN Audio DKK million Q4 2022 Q4 2021 Growth Q4 2022 Q4 2021 Growth Q4 2022 Q4 2021 Growth Revenue 5,270 4,100 29% 1,807 1,429 26% 3,463 2,671 30% Organic growth 3% -2% 14% 2% -3% -4% Adj. Gross profit** 2,581 2,224 16% 1,205 908 33% 1,376 1,316 5% Adj. Gross profit margin** 49.0% 54.2% -5.2%p 66.7% 63.5% 3.2%p 39.7% 49.3% -9.6%p Adj. EBITA** 744 651 14% 472 219 116% 334 475 -30% Adj. EBITA margin** 14.1% 15.9% -1.8%p 26.1% 15.3% 10.8%p 9.6% 17.8% -8.2%p Adj. Earnings per share (EPS)*** 3.92 4.14 -5% Free cash flow excl. M&A -105 -279 NA 64 -61 NA -21 198 NA Including "Other" ** Excluding non-recurring items (DKK -152 million in OPEX in GN Audio, DKK -11 million in COGS in GN Hearing and DKK -25 million in OPEX in GN Hearing) in 2022. Excluding non-recurring items (DKK -31 million in OPEX in GN Audio) in 2021 *** Excluding non-recurring items (DKK -188 million in 2022 and DKK -31 million in 2021) and amortization of acquired intangible assets Financial highlights 2022 GN Hearing GN Audio DKK million GN Hearing Core business Emerging business GN Audio GN Audio organic Steel-Series Revenue 6,227 6,022 205 12,460 10,143 2,317 Organic growth 5% 5% 73% -7% -7% -19% Adj. EBITA** 599 786 -187 1,759 Adj. EBITA margin** 9.6% 13.1% 14.1% GN Store Nord* GN Hearing GN Audio DKK million 2022 2021 Growth 2022 2021 Growth 2022 2021 Growth Revenue 18,687 15,775 18% 6,227 5,332 17% 12,460 10,443 19% Organic growth -3% 20% 5% 16% -7% 22% Adj. Gross profit** 9,384 8,682 8% 3,963 3,400 17% 5,421 5,282 3% Adj. Gross profit margin** 50.2% 55.0% -4.8%p 63.6% 63.8% -0.2%p 43.5% 50.6% -7.1%p Adj. EBITA** 2,166 2,664 -19% 599 643 -7% 1,759 2,209 -20% EBITA margin** 11.6% 16.9% -5.3%p 9.6% 12.1% -2.5%p 14.1% 21.2% -7.1%p Adj. Earnings per share (EPS)*** 10.54 15.29 -31% Free cash flow excl. M&A -1,291 702 NA -377 198 NA -91 1,288 NA Including "Other" ** Excluding non-recurring items (DKK -196 million in COGS in GN Audio, DKK -264 million in OPEX in GN Audio, DKK -56 million in COGS in GN Hearing and DKK -90 million in OPEX in GN Hearing) in 2022. Excluding non-recurring items (DKK -45 in OPEX in GN Audio) in 2021 *** Excluding non-recurring items (DKK -624 million in 2022 and DKK -45 million in 2021) and amortization of acquired intangible assets Shareholder returns - dividend and share buybacks In 2022, GN distributed DKK 214 million to shareholders (equivalent to DKK 1.55 per share) in respect of the fiscal year 2021, as approved at the Annual General Meeting in 2022. Due to the acquisition of SteelSeries, as announced in October 2021, GN Store Nord's share buyback program has been paused for the time being. As a consequence of the concluded capital structure review, GN will not pay a dividend in respect of the fiscal year 2022. As GN's capital structure policy is confirmed, GN expects to return to making dividend payments, once the leverage is back within the long-term target. Financial guidance for 2023 GN Hearing In 2023, GN Hearing expects to continue to grow faster than the projected market growth. Due to the current macroeconomic environment, GN Hearing is projecting 1-3% market volume growth and -1% to -2% market ASP decline. It is currently expected that market growth will be higher in H2 2023 compared to H1 2023. Due to GN Hearing's current momentum and competitive product portfolio, an organic revenue growth between 2% to 8% driven by market share gains is expected for 2023. Non-recurring items primarily relates to investments in the supply chain in the magnitude of DKK ~ -150 million is expected in 2023 in order to restore profitability. For the core hearing aid business, the EBITA margin is expected to be between 13% to 16% for 2023 excluding non-recurring items. In the Emerging Business (including JabraEnhance.com (formerly Lively) and further investments into the digital space), GN Hearing will continue to invest, and with the expected strong topline growth, the EBITA impact for 2023 is expected to be DKK ~ -150 million. The GN Hearing financial guidance is based on the following assumptions for Q1 2023: Revenue: Q1 2023 organic revenue growth is assumed to be within the 2-8% guidance EBITA: Q1 2023 EBITA margin assumed to be mid-single digit (excluding non-recurring items) due to seasonality and launch costs. The EBITA margin is expected to improve in H2 2023 due to operating leverage GN Audio In 2023, GN Audio expects to continue to grow faster than the market. The uncertainties arising from the current macroeconomic environment are expected to negatively impact the market growth. GN Audio is expecting organic revenue growth between -10% to +5%. The EBITA margin is expected to be 10% to 15% for 2023 excluding non-recurring items. This reflects an expectation of gaining market share in a challenging market environment and continued cost prudence. In order to further reduce the cost base GN Audio is expecting non-recurring items of DKK ~ -150 million in 2023 in relation to cost reduction measures. The GN Audio financial guidance is based on the following assumptions for Q1 2023: Revenue: Q1 2023 organic revenue growth is assumed to be negative, due to challenged market conditions EBITA: Q1 2023 EBITA margin assumed to be mid-single digit (excluding non-recurring items) due to the topline development and investment in growth opportunities. The EBITA margin is expected to improve in H2 2023 due to improvement in operating leverage GN Store Nord For full year 2023, GN Store Nord consequently expects organic revenue growth of -6% to +6% in 2023, while EBITA in "Other" is expected to be DKK ~ -200 million. Financial guidance 2023 Organic revenue growth Adjusted EBITA margin2) Non-recurring items (DKK million) GN Hearing 2% to 8% Core business 13% to 16% ~ -150 Emerging Business1) (DKK million) ~ -150 GN Audio -10% to +5% 10% to 15% ~ -150 Other (DKK million) ~ -200 GN Store Nord -6% to +6% ~ -300 Note 1) Emerging Business mainly includes the JabraEnhance.com (formerly Lively) Note 2) Excluding non-recurring items Based on foreign exchange rates as of February 9, 2023 Primary risk factors in relation to the financial guidance The basic assumptions behind the guidance remain more uncertain than normal. Primary risk factors include inflationary pressures, consumer sentiment and general economic uncertainty. GN's supply chains, including component sourcing and local and geopolitical instability and deteriorating trade relations may impact key suppliers and GN's operations. Quotes from Executive Management Gitte Aabo, CEO of GN Hearing, comments: "We are very pleased with delivering 14% organic growth in Q4 and taking share in soft hearing aid markets. Our new flagship platform ReSound OMNIA has exceeded our high expectations and we are thrilled that customer reception and initial sales numbers have been very strong. GN Hearing's new ReSound OMNIA product family is available in a full line-up of popular styles to cater to all hearing needs and preferences. In addition to the Receiver-in-Ear hardware launched in August 2022, the family now includes miniRIE, Behind-the-Ear (BTE) and custom-made styles all benefiting from 150% improvement in hearing in noisy environments, which puts us in a very strong competitive position going into 2023." Peter Karlstromer, CEO of GN Audio, comments: "I'm very pleased to take over from René Svendsen-Tune after his successful 8 years. GN Audio is innovative, well run, and I am confident in our team's ability to execute strongly. In 2023, we will continue to launch new industry leading products, making us strongly positioned to continue to delight customers and gain market share in a difficult environment." Peter la Cour Gormsen, CFO of GN Store Nord, comments: "2022 was a challenging year with significant external headwinds. Still, GN took market shares across business segments and delivered revenue of DKK 18.7 billion and adj. EBITA of DKK 2.2 billion." Teleconference GN Store Nord will host a teleconference at 11.00 a.m. CET today. Please visit www.gn.com/investor to access the teleconference. Presentation material will be available on the website prior to the start of the teleconference. For further information, please contact: Investor Relations Anne Sofie Staunsbæk Veyhe +45 45 75 85 06 Rune Sandager +45 45 75 92 57 Media Relations Steen Frentz Laursen +45 20 65 34 20 Forward-looking statements The forward-looking statements in this report reflect the management's current expectations of certain future events and financial results. Statements regarding the future are, naturally, subject to risks and uncertainties, which may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Changes to such expectation and assumptions will not be disclosed on an ongoing basis, unless required pursuant to general disclosure obligations to which GN is subject. Factors that may cause actual results to deviate materially from expectations include - but are not limited to - general economic developments and developments in the financial markets, technological developments, changes and amendments to legislation and regulations governing GN's markets, changes in the demand for GN's products, competition, fluctuations in sub-contractor supplies and developments in ongoing litigation (including but not limited to class action and patent infringement litigation in the United States). The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements For more information, see the "Management's report" and "Risk management" elsewhere in this Annual Report. This Annual Report should not be considered an offer to sell securities in GN. About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision. GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN's solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs 8,000 people and is listed on Nasdaq Copenhagen (GN.CO). Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter Attachments https://ml-eu.globenewswire.com/Resource/Download/c81c25d3-750d-45cc-b6e5-e8c19e7ac3f0 https://ml-eu.globenewswire.com/Resource/Download/5dfc34a9-4f00-4336-83db-4683c5290ec6 https://www.globenewswire.com/NewsRoom/ReleaseNg/401481021

North Media: Mon der er nogle ændringer i denne portefølje pr. 31/12-2022? P.t. dækker kapitalberedskabet pr. 31/12-23 (værdierne) 90% procent af nuværende market cap. [image: 109698_NM_Udklip.JPG]

Hov, forsøger den sig med noget bear nu? Det lignede indtil videre kun en Wave C, men så brød den lige ca. 4062,9..

LIQUIDPISTON INC. Satse 1000 USD her ? https://invest.liquidpiston.com/?utm_source=rgalpilandingpage&utm_medium=partnership01-01_02-11&tnames=partnership01-01_02-11

Årsrapport 2022: ALK leverer salgsvækst på 13 % og indtjeningsvækst på 33 % i 2022 ALK's (ALKB:DC / OMX: ALK B / AKBLF) bestyrelse har i dag godkendt selskabets årsrapport for 2022 (ESEF-version ALK-2022-12-31-en vedhæftet). Årets resultat overgik de oprindelige forventninger og var efter et solidt fjerde kvartal i overensstemmelse med de senest udmeldte forventninger. ALK forventer fortsat vækst og forbedret indtjening i 2023. (Omsætningsvækst er angivet i lokale valutaer. Sammenligningstal for 2021 er vist i parentes) Højdepunkter i fjerde kvartal Omsætningen for kvartalet steg 12% til et rekordhøjt niveau på DKK 1.249 mio. (1.099). EBITDA steg til DKK 201 mio. (136) som følge af højere salg og effektiviseringer. Højdepunkter for regnskabsåret 2022 Omsætningen steg med 13 % til rekordhøje DKK 4.511 mio. (3.916), baseret på vækst i alle salgsregioner og i alle produktlinjer. Rapporteret vækst var 15 %, når effekten af valutakursudsving medregnes. Tabletsalget steg 18 % som følge af markedsudvidelser og stigende markedsandele, og salget udgjorde 46 % af den samlede omsætning (45). Salget af SCIT and SLIT-dråber steg med 3 %, mens salget af øvrige produkter steg 27 %, drevet af adrenalinpennen Jext. EBITDA steg 33 % i DKK til det bedste resultat nogensinde på DKK 708 mio. (534), drevet af toplinjevækst, forbedret margin og effektiviseringer. EBIT steg 61 % i DKK til DKK 470 mio. (292). De frie pengestrømme var positive med DKK 65 mio. (202), hovedsageligt på baggrund af højere indtjening, ændringer i arbejdskapital og højere CAPEX investeringer. Forventninger til 2023 ALK forventer salgsvækst i alle salgsregioner og forbedret indtjening. Fra 2023 vil ALK guide på EBIT-margin i stedet for EBITDA for at tilpasse rapporteringen til selskabets langsigtede finansielle ambitioner. Omsætningen forventes at stige 7-11 % i lokale valutaer, svarende til en vækst på 8-12 %, når der ses bort fra den etårige, midlertidige obligatoriske rabatforhøjelse på 5 procentpoint for alle receptpligtige lægemidler i Tyskland. Indtjeningen vil blive positivt påvirket af salgsvækst, stordriftsfordele og lavere udgifter til forskning og udvikling på trods af vanskeligere markedsforhold, herunder effekten af inflationen. EBIT-marginen forventes at udgøre 13-15 % mod 10 % i 2022. ALK's adm. direktør Carsten Hellmann siger: "2022 var endnu et år med tocifret vækst i omsætning og indtjening, og vi gjorde solide fremskridt på vores strategi. Vi forventer fortsat vækst og højere indtjening i 2023 på trods af udfordrende markedsvilkår, herunder en engangsforhøjelse af rabatten i Tyskland og den nuværende inflation. Vi er godt rustet til at håndtere disse udfordringer. Vores forretningsmodel og markedspositioner er robuste, og udviklingen i markedet er til vores fordel. Vi vil fortsætte med at eksekvere på vores strategi og presse på for forbedrede resultater i de kommende år." ALK-Abelló A/S For yderligere oplysninger kontakt venligst: Investor Relations: Per Plotnikof, tlf. 4574 7527, mobil 2261 2525 Presse: Maiken Riise Andersen, tlf. 5054 1434 Disse oplysninger er oplysninger, som ALK-Abelló A/S er forpligtet til at offentliggøre i henhold til EU's markedsmisbrugsforordning. Audio cast ALK afholder i dag kl. 14.00 (CET) en telekonference for investorer og analytikere, hvor ledelsen fremlægger resultater og forventninger. Telekonferencen audiocastes på https://ir.alk.net, hvor den tilhørende præsentation vil være tilgængelig kort før start. Deltagere i telefonkonferencen bedes ringe ind senest kl. 13.55 (CET). Danske deltagere skal ringe på tlf. 7877 4197, mens internationale deltagere skal ringe på +44 0 808 101 1183 eller +1 785 424 1739. Benyt venligst følgende deltager-pinkode: 91630# Om ALK ALK er en global, specialiseret medicinalvirksomhed med fokus på allergi og allergisk astma. Virksomheden markedsfører allergi-immunterapi og andre produkter og serviceydelser til mennesker med allergi og allergilæger. Virksomheden har hovedkvarter i Hørsholm, beskæftiger omkring 2.700 mennesker over hele verden og er noteret på Nasdaq Copenhagen. Find mere information på www.alk.net.

Er Goldilock-scenariet er tilbage? Er inflationen toppet, som Powell giver udtryk for? Det taler Hansen og Larsen om i ugens afsnit. De taler også om jobrapporten fra USA, der overrasker positivt, og nøgletallene, der hopper op og ned. Og så runder de ikke mindst de danske regnskaber: Ambu og Pandora overrasker, Mærsk er forsigtige, og Vestas er som forventet. Demant består og kommer med stærk guidance, hvorimod Carlsberg gør det modsatte. https://www.youtube.com/watch?v=LoO2DyktSZk

Vestas Wind Systems A/S: Vestas Annual Report 2022 - A challenging year with negative profitability 8.2.2023 08.29 • Cision • Vestas Wind Systems A/S, Aarhus, 8 February 2023 Company announcement no. 02/2023 Vestas Annual Report 2022 - A challenging year with negative profitability Summary: Vestas' 2022 revenue amounted to EUR 14,486m (outlook: EUR 14.5-15.5bn), with an EBIT margin before special items of (8) percent (outlook: approx. (5) percent), and total investments[1]of EUR 758m (outlook: approx. EUR 850m). The value of the combined order backlog increased to EUR 49.5bn across Power Solutions and Service. As announced on 27 January 2023, Vestas' outlook for 2023 is as follows: Revenue is expected to range between EUR 14.0bn and 15.5bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items of (2)-3 percent, and total investments[1 ]are expected to amount to approx. EUR 1bn in 2023. In addition to what has already been communicated, revenue in the Service segment is expected to grow by min. 5 percent in 2023, with a service EBIT margin of approx. 22 percent. The Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that no dividend payment will be distributed to the shareholders in 2023. Henrik Andersen, Group President & CEO said: "Vestas and the wind industry remained challenged in 2022 as external headwinds and industry immaturity hampered profitability and resulted in unsatisfying financial results for the full year. In a business environment characterised by unforeseen geo-political uncertainty, high inflation, and supply chain constraints, Vestas' more than 28,000 employees helped achieve EUR 14.5bn in revenue, 13.3 GW of deliveries and a firm order intake of 11.2 GW. Through strong commercial discipline, we managed to raise the average selling price with 29 percent to EUR 1.07m/MW and finished the year with an all-time high order intake in terms of value in the fourth quarter. Our Service business progressed well and grew 27 percent year-over-year, continuing to increase its positive contribution to our revenue and earnings. In 2022, we also made strategic progress within Offshore by securing more than 5 GW of preferred supplier agreements for the V236-15.0 MW turbine, while a technological milestone was reached when the V236-15.0 MW prototype produced its first kWh in late December. Our Development business also progressed well by securing 13 GW of new pipeline. Throughout 2022, increasing costs, product impairments and increased warranty provisions heavily impacted our profitability and resulted in an EBIT margin of minus 8 percent. Everyone at Vestas is therefore fully focused on returning to profitability in 2023 to reaffirm that we are on the right strategic path. Building a sustainable, scalable, and profitable wind industry also requires we continue to build industry maturity and commercial discipline, and we want to say a special thanks to our shareholders for their continuous support during these challenging times." Key highlights Revenue of EUR 14.5bn Revenue decline compared with 2021 driven by Russia/Ukraine exit as well as project delays. EBIT margin of (8) percent EBIT hampered by supply chain disruptions, inflation, higher warranty provisions and offshore impairments. Total order intake of 11.2 GW with ASP of EUR 1.07m/MW Wind turbine order intake in GW down 19 percent but increased 3 percent in value due to strong price increases. Strong performance in Service 27 percent revenue growth in 2022 at 21.4 percent EBIT margin. Sustainability progress and recognition Our circularity solution for wind turbine blades creates industry break-through; #2 Corporate Knights ranking. Strategy reaffirmed with progress within core areas and business enablers Restoring profitability in turbine segment remains the focus while building industry discipline and maturity. 1) Excl. acquisitions of subsidiaries, joint ventures, and associates, and financial investments. Information meeting (audiocast) On Wednesday 8 February 2023 at 10 am CET (9 am GMT), Vestas will host an information meeting via an audiocast. The meeting will be held in English and questions may be asked through a conference call. The telephone numbers for the conference call are: Europe: +44 808-101-1183 USA: +1 785-424-1738 Denmark: +45 7877 4197 Conference PIN code: 22677# The presentation used at the information meeting will be available approximately one hour before the meeting and can be found at www.vestas.com/en/investor, together with the link to the audiocast. Attached to this release is the Vestas Annual Report 2022 (pdf) as well as the full Company Announcement (pdf), which also includes the condensed key figures for full year and fourth quarter and long-term financial ambitions. A ZIP file comprising an xHTML version of the report made in accordance with the European Single Electronic Format, is also attached hereto. The Vestas Sustainability Report 2022 can be downloaded here (https://www.vestas.com/content/dam/vestas-com/global/en/sustainability/reports-and-ratings/sustainability-reports/sustainability-report-2022.pdf.coredownload.inline.pdf). Contact details Vestas Wind Systems A/S Investors/analysts: Media: Mathias Dalsten, Vice President Anders Riis, Vice President Investor Relations Communications Tel: +45 2829 5383 Tel: +45 4181 3922 https://news.cision.com/vestas-wind-systems-a-s/r/vestas-annual-report-2022---a-challenging-year-with-negative-profitability,c3710817 https://mb.cision.com/Main/18886/3710817/1833553.pdf https://mb.cision.com/Main/18886/3710817/1833554.zip https://mb.cision.com/Public/18886/3710817/9f5cc513939efe2f.pdf [image: 110246_4_vestas_aerial_norther_38020.jpg.coredownload.inline_3_.jpeg]

Der er flere "dag" som regeringen kan tage til den "grønne tilskud" https://www.dr.dk/stories/1288510966/usa-eller-europa-sebastians-groenne-virksomhed-staar-overfor-et-stort-valg

H. Lundbeck A/S: Lundbeck announces financial guidance for 2023 and mid-term financial targets that build on very strong 2022 performance 7.2.2023 12.24 • Cision • Valby, Denmark, February 7, 2023 - H. Lundbeck A/S (Lundbeck) announces the financial guidance for 2023 and medium-term targets following very strong financial performance in 2022, where record revenue of DKK 18.2 billion was reached. In 2023, Lundbeck will continue the global roll-out of Vyepti with around 15 launches. Additionally, Lundbeck plans to launch aripiprazole 2-month ready-to-use (RTU) long-acting injectable (LAI) for both treatment of schizophrenia and the maintenance treatment of bipolar I disorder and brexpiprazole for the significant unmet need for patients with agitation associated with Alzheimer's dementia, pending approvals by the relevant authorities later in 2023. The financial guidance for 2023 reflects the expected investments needed for these important launches driving significant future growth. Lundbeck continues to expect strong growth for its strategic brands despite continued pricing pressure and loss of exclusivity in some geographies. Inflation will have a significantly higher impact in 2023 than seen in 2022. The financial guidance for 2023 is summarized below: Financial guidance DKK FY 2021 actual FY 2022 actual FY 2023 guidance Revenue 16,299 million DKK 18,246 million DKK 19.4 - 20.0 billion EBITDA 3,720 million DKK 4,663 million DKK 4.8 - 5.2 billion Lundbeck carries foreign currency risk mainly in USD, CNY, and CAD. The financial guidance for 2023 is based on the exchange rates at the end of November 2022. The financial guidance for 2023 is based on current hedging rates for the main currencies, i.e. USD/DKK (7.02), CNY/DKK (1.03), and CAD/DKK (5.26) and the financial guidance for 2023 includes an expected hedging loss of approximately DKK 75 million. Mid-term targets Lundbeck is in a period with limited impact from major regional losses of exclusivity and anticipates solid growth of its strategic brands. We expect that in 2023 and 2024 there will be targeted investments behind the potential blockbuster opportunity for brexpiprazole for the treatment of agitation associated with Alzheimer's dementia. Based on organic growth, we expect revenue to show a mid-single digit compound annual growth rate (CAGR) over the mid-term, (3-4 years). At the same time, we remain focused on driving efficiencies and being prudent in our spending. Based on these assumptions, we target an EBITDA-margin of 30-32% for the current business, excluding any business development activities by the end of the mid-term period. Preliminary 2022 financial performance In 2022, revenue reached DKK 18.2 billion, the highest ever in Lundbeck's history, with a solid growth of 7% in local currencies (12% reported). Double digit growth was achieved across all strategic brands (Abilify Maintena[], Brintellix[]/Trintellix[], Rexulti[]/Rxulti[] and Vyepti[]). In aggregate, strategic brands grew by 20% in local currencies (31% reported), reaching DKK 12.1 billion. EBITDA reached DKK 4,663 million, reflecting very strong growth of 25%. This has led to an increase in the EBITDA-margin from 22.8% to 25.6% from 2021 to 2022. The 2022 financial results are impacted by the following: Total operating expenses are positively impacted by DKK 138 million due to the reversal of restructuring provisions. A DKK 228 million provision for Vyepti inventory obsolescence has been recognized in Cost of Sales. The provision is a consequence of a fixed batch quantity supply agreement effective for five years up to June 30, 2023, which was inherited as part of the acquisition of Alder BioPharmaceuticals Inc. higher than originally expected production yields from the current pichia-based production cell line recent progress in the likelihood of success of the planned transition of the antibody cell line to a modern, CHO-based, higher yield and lower cost production cell line Further, an additional provision of approximately DKK 300 million for Vyepti inventory obsolescence is reflected in the guidance for 2023. For the financial guidance for 2023 and going forward, Lundbeck will focus on revenue performance and from the first quarter of 2023 and onwards, Adjusted EBITDA. This will provide an improved and more consistent assessment of the underlying business performance. The Adjusted EBITDA information for comparative periods will be made available no later than May 10, 2023, when Lundbeck's interim financial statements for the first three months of 2023 will be released. For this interim period, we provide EBITDA guidance. Lundbeck's full disclosure of the financial results for 2022 will be published in the Annual Report 2022 on February 8, 2023. Lundbeck contacts Investors: Media: Palle Holm Olesen Thomas Mikkel Mortensen Vice President, Investor Relations Media Relations Lead, Corp. Communication [email protected]@lundbeck.com ([email protected]) +45 30 83 24 26 +45 30 83 30 24 About H. Lundbeck A/S Lundbeck is a global pharmaceutical company specialized in brain diseases. For more than 70 years, we have been at the forefront of neuroscience research. We are tirelessly dedicated to restoring brain health, so every person can be their best. We are committed to fighting stigma and discrimination against people living with brain diseases and advocating for broader social acceptance of people with brain health conditions. Our research programs tackle some of the most complex challenges in neuroscience, and our pipeline is focused on bringing forward transformative treatments for brain diseases for which there are few, if any therapeutic options. For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us on Instagram (h_lundbeck), Twitter at @Lundbeck andvia LinkedIn. Safe Harbor/Forward-Looking Statements This corporate release contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors that may affect future results include, among others, interest rate and currency exchange rate fluctuations, delay or failure of development projects, production or distribution problems, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Lundbeck's products, introduction of competing products, Lundbeck's ability to successfully market both new and existing products, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws and related interpretation thereof, and unexpected growth in costs and expenses. The forward-looking statements in this document and oral presentations made on behalf of Lundbeck speak only as at the date of this presentation. Lundbeck does not undertake any obligation to update or revise forward-looking statements in this presentation or oral presentations made on behalf of Lundbeck, nor to confirm such statements to reflect subsequent events or circumstances after the date of the presentation or in relation to actual results, unless otherwise required by applicable law or applicable stock exchange regulations. H. Lundbeck A/S Ottiliavej 9, 2500 Valby, Denmark +45 3630 1311 [email protected] https://news.cision.com/h--lundbeck-a-s/r/lundbeck-announces-financial-guidance-for-2023-and-mid-term-financial-targets-that-build-on-very-str,c3710304 https://mb.cision.com/Main/18215/3710304/1831337.pdf [image: 110198_Lundbeck_Headquarters_04_2_.jpg]

Ambu ' Lundbeck ' ALK-Abelló ' ChemoMetec Helge Larsen kommenterer de seneste regnskaber fra virksomheder inden for pharma og biotek ud fra den kvalificerede debat og chat på proinvestor.com Disclaimer: Videoen er ikke en købs- eller salgsanbefaling af aktier. https://www.youtube.com/watch?v=wYj3Go2jXEw&t=54s

Udsigt til udfordrende år for Rockwool med negativ salgsforventning 8/2 16:59 Rockwool er kommet med regnskab for fjerde kvartal og dermed hele 2022 onsdag eftermiddag. Her er de vigtigste punkter i regnskabet: Aktien ligger knap en time efter regnskabet med et fald på 16,5 pct. Isoleringskoncernen skuffer på stort set alle linjer på nær indtjeningen før og efter skat, der er hjulpet af positive finansposter på 24 mio. euro, hvilket skal sammenlignes med negative poster på 5 til 45 mio. euro de foregående tre kvartaler. Isoleringsbenet bærer broderparten af de store skuffelser målt på både omsætning og driftsindtjening (EBIT), der for divisionen lander henholdsvis knap 10 og godt 14 pct. under analytikernes estimater. De indførte prisstigninger har ifølge Rockwool ikke været store nok til at udligne den høje inflation, og derfor er rentabiliteten faldet. Systems-divsionen flugter stort set med analytikernes forventning med en omsætning på cirka 2 pct. over analytikerkonsensus og en driftsindtjening på cirka 3 pct. under. Rockwool venter et udfordrende 2023 med en svagere efterspørgsel i byggebranchen og ledig kapacitet på markedet. Baseret på efterspørgslen de seneste måneder venter isoleringskoncernen i 2023 at nå en salgsvækst i lokale valutaer på op til minus 10 pct., hvor analytikere adspurgt af Rockwool ventede et fald på 2,9 pct. i forhold til væksten på 23 pct. i 2022. Rockwool venter i 2023 at nå en EBIT-margin på 8-10 pct. sammenlignet med 9,0 pct. sidste år og et analytikerestimat på 11,5 pct. Marginmålet skal med lavere salgsvolumener ifølge Rockwool nås med stram omkostningskontrol og fortsat fokus på produktiviteten. Rockwool så sidste år sin driftsmargin blive reduceret til 9,0 pct. fra 10,4 pct. i 2021, men isoleringskoncernen ønsker større fokus på marginen. Vi startede året med at indføre beskedne prisstigninger på de fleste markeder, men vi forventer at forfølge en mere differentieret tilgang på tværs af markedet med fokus på margingenvinding og beskyttelse af markedsandele, skriver Rockwool i regnskabet. Rockwool foreslår en fastholdelse af udbyttet på 35 kr. per aktie. Rockwools regnskab for fjerde kvartal af 2022: Mio. euro Q4 '22 Q4 '22 (e) Q4 '21 FY '22 FY '22 (e) FY '23 (e) FY '21 Omsætning 955 1015 842 3907 3973 3856 3088 Salgsvækst i lokal valuta i pct. 11 17,2 17 23 24,8 -2,9 18,8 EBITDA 165 174 146 638 648 682 602 EBIT 101 116 95 402 418 443 401 EBIT-margin 10,5 11,5 11,2 10,3 10,5 11,5 13,0 Resultat før skat 126 111 93 358 350 431 393 Resultat efter skat 103 89 72 273 263 331 303 (e) = estimater indsamlet af Rockwool den 1. februar blandt 17 analytikere. Seks af disse anbefaler "køb" én anbefaler "overvægt", syv anbefaler "hold", én anbefaler "undervægt" og to anbefaler "sælg". Rockwools forventninger til 2023: I pct. Ved Q4 Vækst i nettoomsætning i lokal valuta op til minus 10% Driftsmargin, EBIT, i lokal valuta 8-10% Investeringer, mio. euro ca 400 Rockwools forventninger til 2022: I pct. Før Q4 18. august Ved Q1 22 Ved FY 21 Vækst i nettoomsætning i lokal valuta 20-25 20-25 20-25 15-20 Driftsmargin, EBIT, i lokal valuta 10-12 10-12 ca. 13 Ca. 13 Investeringer, mio. euro 330 375 425 500 .\˙ MarketWire [image: 110271_327938914_581256493544048_2059334240842917086_n.jpg]