Quarterly Report • Oct 13, 2023
Quarterly Report
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Solid quarter with revenues up 18% Q3 revenues of NOK 356m (NOK 303m) YTD revenues of NOK 1,161m (NOK 1,196m) Q3 diluted EPS of NOK 0.07 (NOK 0.03) YTD diluted EPS of NOK 0.26 (NOK 0.33)
The past quarter was strong in an historical context. Q3 represented a nice uptick relative to the same period last year, as revenues were up 18%, bringing Q3 diluted EPS from NOK 0.03 to NOK 0.07.
Albeit that Q3 is the seasonal low point and with continued muted capital market sentiment, we again benefited from the resilience of our diversified business model. Our commitment to this strategy, aimed at continually fortifying the company, has been deeply integrated into our long-term approach for many years. In the absence of IPOs, we still closed numerous capital market- and M&A transactions during the quarter. The growth in several key business areas offsets the temporary declines experienced in others.
We remain committed to prudent cost management while also continuing to recruit top talent, both at junior and senior levels. While we have started adding staff to our new business areas (Private Banking and Alternatives), the overall headcount remains broadly unchanged, reflecting our balanced approach to growth and risk.
We are cautiously optimistic about the coming quarters, as we have a strong inflow of new mandates and are experiencing fairly high activity in our Investment Banking operations. We will continue to execute capital markets transactions when opportunities arise across sectors and products. Furthermore, we are always deeply committed to providing creative and solution-oriented advice within our leading M&A franchise.
Jonas Ström, CEO
1) Source: Refinitv. Issuers listed on Nordic stock exchanges
2) Source: Stamdate. Corporate high yield, Nordic issuers
3) Source: Mergermarket. Nordic targets, announced transactions with financial advisors. Last quarter estimate reflecting a time-lag in Mergermaket deal registration
| ECM - SP |
NOK 4.56bn | Energy |
|---|---|---|
| ECM – SP |
NOK 1.70bn | Oil Service |
| ECM - PP |
NOK 953m | Oil Service |
| ECM – RI |
SEK 331m | Real Estate |
| ECM - RI |
SEK 263m | Health Care |
| DCM - HY |
NOK 1.25bn | Real Estate |
| DCM - HY |
NOK 1.25bn | Financials |
| DCM - HY |
NOK 750m | TMT |
| DCM - HY |
NOK 500m | TMT |
| DCM - HY |
EUR 50m | Renewables |
| DCM - CB |
EUR 32m | Seafood |
| DCM - DL |
SEK 835m | Financials |
| Selected transactions | ||||||||
|---|---|---|---|---|---|---|---|---|
| Merger and financing of Unifon and Nortel |
NOK 520m | TMT | ||||||
| Sale of Charge Amps to NaaS Technology |
SEK 724m | Consumer | ||||||
| Financial advisor to Nordic Mezzanine in connection with the sale of Sauna360 to Masco Corporation |
EUR 125m | Consumer | ||||||
| Confirma Software's acquisition of SmartTID |
Undisclosed | TMT |
Ongoing and not completed as of 30 September 2023:
▪ Total operating costs increased by approx. NOK 33m YTD due to the weakening NOK relative to last year.
▪ Y-o-y headcount increase mainly related to new business operations. Q3 total headcount broadly in line with Q2.
| NOKm | Q3 2023 | Q3 2022 | YTD 2023 YTD 2022 | 2022 | |
|---|---|---|---|---|---|
| Corporate Financing | 122.0 | 62.3 | 435.6 | 395.0 | 519.0 |
| M&A and Advisory | 124.9 | 121.3 | 303.2 | 386.3 | 618.2 |
| Brokerage and Research | 109.5 | 119.7 | 422.4 | 415.1 | 567.1 |
| Total revenues | 356.4 | 303.3 | 1,161.3 | 1,196.5 | 1,704.3 |
| Personnel costs | -212.7 | -180.8 | -677.0 | -661.0 | -943.0 |
| Other operating costs | -72.8 | -66.4 | -224.7 | -200.9 | -279.6 |
| Depreciation | -19.5 | -21.8 | -63.9 | -62.9 | -85.4 |
| Total operating costs | -304.9 | -269.0 | -965.6 | -924.8 | -1,308.0 |
| Operating profit | 51.5 | 34.3 | 195.7 | 271.7 | 396.3 |
| Net interest | -0.3 | -6.2 | -0.7 | -19.4 | -12.1 |
| Associates | -0.8 | -1.4 | -5.6 | -5.1 | -6.3 |
| Other | 0.4 | 0.2 | -0.3 | -0.1 | -2.1 |
| Net financial result | -0.7 | -7.5 | -6.6 | -24.6 | -20.5 |
| Profit before tax | 50.8 | 26.8 | 189.0 | 247.1 | 375.8 |
| Taxes | -15.5 | -9.0 | -49.7 | -62.7 | -93.8 |
| Net profit | 35.3 | 17.9 | 139.3 | 184.4 | 282.0 |
| Profit / loss to non-controlling interests | 0.6 | 1.9 | 1.2 | 6.9 | 11.8 |
| Profit / loss to owners of the parent | 34.7 | 16.0 | 138.1 | 177.5 | 270.3 |
| NOKm | Q3 2023 | Q3 2022 | YTD 2023 YTD 2022 | 2022 | |
|---|---|---|---|---|---|
| Net profit | 35.3 | 17.9 | 139.3 | 184.4 | 282.0 |
| Items that may be reclassified to profit or loss | |||||
| Exchange differences on translating foreign operations | -10.1 | 22.3 | 24.7 | 48.5 | 15.9 |
| Hedging of investment in foreign operations | 10.5 | -22.0 | -24.9 | -50.5 | -17.2 |
| Income tax relating to items that may be reclassified | -2.6 | 5.5 | 6.2 | 12.6 | 4.3 |
| Total other comprehensive income | -2.2 | 5.8 | 6.0 | 10.7 | 2.9 |
| Total comprehensive income for the period | 33.1 | 23.6 | 145.4 | 195.1 | 284.9 |
| Comprehensive income to non-controlling interests | 0.4 | 1.9 | 1.6 | 6.9 | 11.8 |
| Comprehensive income to owners of the parent | 32.6 | 21.8 | 143.3 | 188.2 | 273.2 |
| Condensed cash flow statement | |||||
|---|---|---|---|---|---|
| NOKm | Q3 2023 | Q3 2022 | YTD 2023 YTD 2022 | 2022 | |
| Cash and cash equivalents - opening balance | 571.4 | 1,212.9 | 832.0 | 1,388.5 | 1,388.5 |
| Net cash flow from operating activities | -9.5 | -254.1 | -107.6 | 35.1 | -53.4 |
| Net cash flow from investing activities | 3.5 | -1.4 | -9.8 | -10.5 | -18.9 |
| Net cash flow from financing activities | 54.3 | -35.8 | -94.8 | -491.4 | -484.3 |
| Net change in cash and cash equivalents | 48.4 | -291.2 | -212.1 | -466.8 | -556.5 |
| Cash and cash equivalents - closing balance | 619.8 | 921.7 | 619.8 | 921.7 | 832.0 |
| NOKm | 30/09/2023 30/09/2022 | 31/12/2022 | |
|---|---|---|---|
| Intangible assets | 174.2 | 176.8 | 178.6 |
| Financial non-current assets | 63.9 | 73.1 | 70.5 |
| Tangible assets | 497.5 | 502.1 | 531.3 |
| Total non-current assets | 735.6 | 752.0 | 780.3 |
| Receivables | 3,097.7 | 4,931.4 | 2,241.7 |
| Investments | 52.6 | 94.9 | 63.1 |
| Cash and bank deposits | 619.8 | 921.7 | 832.0 |
| Total current assets | 3,770.1 | 5,948.0 | 3,136.8 |
| Total assets | 4,505.7 | 6,700.0 | 3,917.1 |
| Paid-in capital | 137.6 | 134.1 | 134.3 |
| Retained earnings | 721.6 | 799.4 | 884.8 |
| Equity attributable to owners of the parent | 859.2 | 933.5 | 1,019.1 |
| Non controlling interests | 11.6 | 2.7 | 7.6 |
| Total equity | 870.8 | 936.2 | 1,026.7 |
| Long-term liabilities | 479.4 | 476.4 | 480.4 |
| Short-term interest bearing liabilities | 332.2 | 49.0 | 70.0 |
| Short-term liabilities | 2,823.4 | 5,238.4 | 2,340.0 |
| Total liabilities | 3,634.9 | 5,763.8 | 2,890.4 |
| Total equity and liabilities | 4,505.7 | 6,700.0 | 3,917.1 |
| NOKm | Q3 2023 | Q3 2022 | YTD 2023 YTD 2022 | 2022 | |
|---|---|---|---|---|---|
| Equity attributable to owners of the parent - opening balance | 850.7 | 912.4 | 1,019.1 | 1,213.9 | 1,213.9 |
| Comprehensive income to owners of the parent | 32.6 | 21.8 | 143.3 | 188.2 | 273.2 |
| Payment to shareholders | 0.0 | 0.0 | -248.7 | -470.7 | -470.7 |
| New issuing of shares | 0.0 | 0.0 | 4.2 | 16.3 | 16.3 |
| Change in own shares | -24.0 | -0.7 | -58.7 | -14.2 | -13.5 |
| Equity attributable to owners of the parent - closing balance | 859.2 | 933.5 | 859.2 | 933.5 | 1,019.1 |
| Equity attributable to non-controlling interests - opening balance | 11.1 | 0.9 | 7.6 | 19.8 | 19.8 |
| Comprehensive income to non-controlling interests | 0.4 | 1.9 | 1.6 | 6.9 | 11.8 |
| Payment to shareholders | 0.0 | 0.0 | 0.0 | -23.9 | -23.9 |
| Business combinations | 0.0 | 0.0 | 2.4 | 0.0 | 0.0 |
| Equity attributable to non-controlling interests - closing balance | 11.6 | 2.7 | 11.6 | 2.7 | 7.6 |
| Total equity - closing balance | 870.8 | 936.2 | 870.8 | 936.2 | 1,026.7 |
The quarterly report is prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been endorsed by the European Commission for adoption within the EU. The quarterly report is prepared using the same principles as those used for the 2022 annual report. The quarterly report is unaudited.
The preparation of condensed consolidated interim financial statements in accordance with IFRS and the application of the chosen accounting policies require management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuous basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. When preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimate uncertainty were the same as those that applied to the consolidated financial statements as of the period ending 31 December 2022.
As described in ABGSC's annual report, ABGSC's total risk exposure is analysed and evaluated at the group level. Risk evaluations are integrated in all business activities both at the group and business unit levels, increasing ABGSC's ability to take advantage of business opportunities. There has not been any significant change in the risk exposure or the risks and uncertainties described in the annual report.
There have not been any changes or transactions with any related parties that significantly impact the Group's financial position or results for the period.
The group segments its business primarily on a product level as this provides the best understanding of the Group's integrated operation. The Group does not allocate profits or split the balance sheet per product. Revenues are also split at an overall geographical level. Segment information is presented on other pages of this report, including on the historical quarterly summary pages.
| Share count | |||||
|---|---|---|---|---|---|
| Figures in thousands |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
| Shares outstanding (period end) |
483 343 , |
483 343 , |
497 463 , |
497 463 , |
497 463 , |
| (period end) - Treasury shares |
6 419 , |
5 669 , |
13 401 , |
5 586 , |
9 549 , |
| + Forward outstanding (period end) contracts |
80 726 , |
81 776 , |
76 176 , |
69 261 , |
69 486 , |
| Diluted shares (period end) |
557 650 , |
559 450 , |
560 238 , |
561 138 , |
557 399 , |
| Shares outstanding (average) |
483 343 , |
483 343 , |
483 657 , |
497 463 , |
497 463 , |
| - Treasury shares (average) |
6 904 , |
6 142 , |
9 875 , |
10 799 , |
8 055 , |
| + Forward outstanding (average) contracts |
81 142 , |
80 801 , |
82 605 , |
74 141 , |
69 337 , |
| Diluted (average) shares |
557 581 , |
558 002 , |
556 386 , |
560 805 , |
558 746 , |
| Shares held by Directors and staff |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
|---|---|---|---|---|---|
| Shares held by Directors and Staff / Shares outstanding |
25% | 25% | 27% | 29% | 29% |
| Shares Staff / and fwd held by Directors and Diluted shares contracts |
36% | 36% | 38% | 38% | 38% |
| Shareholders (shares outstanding) by country |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
|---|---|---|---|---|---|
| Norway | 70% | 69% | 69% | 69% | 71% |
| Great Britain |
4% | 5% | 5% | 5% | 5% |
| USA | 9% | 9% | 9% | 9% | 9% |
| Sweden | 7% | 6% | 7% | 8% | 7% |
| Other | 10% | 10% | 10% | 10% | 9% |
During the quarter, ABGSC purchased 4.7m shares at an average price of NOK 5.44 in two buy-back offerings. ABGSC also purchased 113k shares from former partners at an average price of NOK 4.48 per share. ABGSC sold 1.1m shares on forward contracts to partners. ABGSC also delivered 875k treasury shares to partners as settlement of forward contracts previously entered into.
For more information about the ABGSC share and its largest shareholders, please visit the Investor Relations section on the ABGSC website (www.abgsc.com).
The Board currently has a mandate from the shareholders to acquire a number of ABGSC shares corresponding to approximately 10% of the share capital. The one-year mandate is valid until the end of June 2024.
29,772 0.72 1,750 0.95 12,509 6.09 11,135 6.86 13,920 5.99 Total 69,486
As part of the partner share incentive programme, several partners in the firm have entered into forward contracts for the future delivery of shares. Under the programme, new and certain existing partners are given the opportunity to acquire restricted partner shares at market price, with a 15% price adjustment reflecting several restrictions with regards to the selling (or purchasing) of these shares.
The forward settlement price is adjusted for changes in interest rates and any cash distribution paid to shareholders. The interest element in the forward contract will also be adjusted in cases where the contract is settled prior to the original expiry date.
▪ The Board is committed to returning excess capital to shareholders through cash and buy-backs of shares over time. Excess capital will be evaluated on a continuous basis, taking into consideration a number of factors, including market conditions, regulatory requirements, counterparty and market perceptions and the nature of our business
▪ ABGSC is well capitalised with a core capital ratio of 1.6x the current regulatory minimum requirement and 2.4x the expected future requirement
| Income statement | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
| Revenues | 561 | 803 | 487 | 406 | 303 | 508 | 426 | 379 | 356 |
| Operating costs |
-386 | -527 | -355 | -301 | -269 | -383 | -338 | -323 | -305 |
| Operating profit |
175 | 276 | 132 | 106 | 34 | 125 | 88 | 56 | 51 |
| financial Net result |
-4 | 0 | -11 | -6 | -7 | 4 | -1 | -5 | -1 |
| Profit before tax |
171 | 276 | 121 | 99 | 27 | 129 | 87 | 51 | 51 |
| Taxes | -44 | -67 | -30 | -23 | -9 | -31 | -22 | -12 | -15 |
| Non-controlling interests |
-2 | -7 | 0 | -5 | -2 | -5 | -1 | 0 | -1 |
| profit Net |
126 | 201 | 91 | 71 | 16 | 93 | 65 | 39 | 35 |
| Balance sheet | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
| Total non-current assets |
484 | 812 | 782 | 771 | 752 | 780 | 803 | 770 | 736 |
| Receivables | 5,245 | 1,392 | 2,784 | 4,775 | 4,931 | 2,242 | 4,903 | 5,352 | 3,098 |
| Investments | 74 | 541 | 66 | 98 | 95 | 63 | 75 | 70 | 53 |
| Cash and bank deposits |
1,250 | 1,388 | 1,745 | 1,213 | 922 | 832 | 799 | 571 | 620 |
| Total current assets |
6,569 | 3,322 | 4,596 | 6,087 | 5,948 | 3,137 | 5,778 | 5,993 | 3,770 |
| Total assets |
7,053 | 4,134 | 5,378 | 6,858 | 6,700 | 3,917 | 6,580 | 6,763 | 4,506 |
| Equity attributable to owners of the parent |
1,039 | 1,214 | 1,284 | 912 | 933 | 1,019 | 1,039 | 851 | 859 |
| Non-controlling interests |
12 | 20 | 20 | 1 | 3 | 8 | 11 | 11 | 12 |
| Total equity |
1,051 | 1,234 | 1,304 | 913 | 936 | 1,027 | 1,051 | 862 | 871 |
| Long-term liabilities |
234 | 497 | 485 | 478 | 476 | 480 | 497 | 488 | 479 |
| Short-term interest bearing liabilities |
0 | 0 | 198 | 70 | 49 | 70 | 163 | 237 | 332 |
| Short-term liabilities |
5,767 | 2,404 | 3,390 | 5,397 | 5,238 | 2,340 | 4,869 | 5,177 | 2,823 |
| Total liabilities |
6,002 | 2,901 | 4,074 | 5,945 | 5,764 | 2,890 | 5,530 | 5,901 | 3,635 |
| Total equity and liabilities |
7,053 | 4,134 | 5,378 | 6,858 | 6,700 | 3,917 | 6,580 | 6,763 | 4,506 |
| Segment revenues | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
| Corporate Financing |
260 | 427 | 196 | 137 | 62 | 124 | 182 | 132 | 122 |
| M&A and Advisory |
142 | 225 | 143 | 122 | 121 | 232 | 78 | 100 | 125 |
| Brokerage and Research |
159 | 151 | 148 | 147 | 120 | 152 | 166 | 147 | 110 |
| Group | 561 | 803 | 487 | 406 | 303 | 508 | 426 | 379 | 356 |
| NOKm | Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Norway | 246 | 429 | 238 | 212 | 190 | 266 | 209 | 195 | 153 |
| Sweden | 208 | 285 | 199 | 147 | 74 | 167 | 144 | 133 | 108 |
| Denmark | 55 | 28 | 14 | 18 | 18 | 38 | 15 | 11 | 65 |
| International | 51 | 61 | 36 | 30 | 21 | 37 | 58 | 39 | 30 |
| Group | 561 | 803 | 487 | 406 | 303 | 508 | 426 | 379 | 356 |
| Key figures | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK | Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
| Headcount (average) |
315 | 323 | 324 | 327 | 336 | 341 | 340 | 340 | 346 |
| Revenues head (average) per |
1 78 |
2 48 |
1 50 |
1 24 |
0 90 |
1 49 |
1 25 |
1 11 |
1 03 |
| Operating (average) head costs per |
-1 23 |
-1 63 |
-1 10 |
-0 92 |
-0 80 |
-1 12 |
-0 99 |
-0 95 |
-0 88 |
| Operating / Revenues cost |
69% | 66% | 73% | 74% | 89% | 75% | 79% | 85% | 86% |
| Total compensation / Revenues |
55% | 54% | 55% | 53% | 60% | 56% | 57% | 59% | 60% |
| Operating margin % |
31% | 34% | 27% | 26% | 11% | 25% | 21% | 15% | 14% |
| (annualised) Return Equity on |
51% | 74% | 29% | 26% | 7% | 25% | 25% | 16% | 25% |
| Shares outstanding (period end) |
470 747 , |
470 747 , |
470 747 , |
483 343 , |
483 343 , |
483 343 , |
497 463 , |
497 463 , |
497 463 , |
| (period end) Treasury shares |
-18 063 , |
-19 371 , |
-11 738 , |
-7 069 , |
-6 419 , |
-5 669 , |
-13 401 , |
-5 586 , |
-9 549 , |
| Forward outstanding (period end) contracts |
102 436 , |
101 511 , |
101 004 , |
81 306 , |
80 726 , |
81 776 , |
76 176 , |
69 261 , |
69 486 , |
| Diluted shares (period end) |
555 119 , |
552 887 , |
560 013 , |
557 580 , |
557 650 , |
559 450 , |
560 238 , |
561 138 , |
557 399 , |
| Earnings share (basic) per |
0 28 |
0 45 |
0 20 |
0 15 |
0 03 |
0 19 |
0 14 |
0 08 |
0 07 |
| (diluted) Earnings share per |
0 23 |
0 37 |
0 17 |
0 13 |
0 03 |
0 17 |
0 12 |
0 07 |
0 07 |
| Book value share (basic) per |
2 30 |
2 69 |
2 80 |
1 92 |
1 96 |
2 13 |
2 15 |
1 73 |
1 76 |
| Book value share (diluted) per |
2 35 |
2 68 |
2 88 |
2 01 |
2 05 |
2 21 |
2 33 |
1 90 |
1 94 |
| Total capital adequacy |
4 043 , |
4 843 , |
4 994 , |
4 860 , |
4 683 , |
006 5 , |
4 966 , |
169 5 , |
4 937 , |
| Core capital |
506 | 648 | 625 | 628 | 627 | 671 | 614 | 643 | 620 |
| Total capital adequacy ratio |
13% | 13% | 13% | 13% | 13% | 13% | 12% | 12% | 13% |
| Minimum requirement ratio coverage |
1 6x |
1 7x |
1 6x |
1 6x |
1 7x |
1 7x |
1 5x |
1 6x |
1 6x |
9 February 2024 | Q4 2023 earnings release
1) Source: Mergermarket (M&A). Pending and completed transactions with targets from Norway, Sweden or Denmark. Last quarter estimate reflecting a time-lag in Mergermaket deal registration
2) Source: Refinitiv (ECM): Companies listed in Norway, Sweden or Denmark
25
3) Source: Stamdata (DCM). Non-Shipping related high yield issuers located in Norway, Sweden or Denmark and with documentation in Norway, Sweden or Denmark
Vision | Being the most agile and respected Nordic investment bank
ABG Sundal Collier ASA Pb. 1444 Vika Ruseløkkveien 26 8th floor NO-0251 Oslo
Tel +47 22 01 60 00
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Tel +65 6808 6082
This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ABGSC as a result of using different assumptions and criteria. ABGSC is under no obligation to update or keep current the information contained herein. ABGSC, its directors, officers and employees' or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. ABGSC may act or have acted as market-maker in the securities or other financial instruments discussed in this material. Furthermore, ABGSC may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither ABGSC nor any of its affiliates, nor any of ABGSC' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.
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