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Autoliv (BUY - October 2009)
We upgraded Autoliv in October 2009 on the back of a strong report, arguing a BUY case supported by market share gains, a positive sales mix and dividends/buybacks.
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Polarcus (BUY - November 2009)
On 9 November 2009, we initated coverage of Polarcus, being confident that their modern fleet would have an advantage during the downturn in the seismic market and be in demand when the cycle recovered. A substantial valuation discount was also identified.
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Bavarian Nordic (BUY - January 2010)
We initiated coverage on 17 January 2010 when we felt that the company was about to become self-funding and would no longer have to rely on shareholders for project funding. Given the upside we saw in Prostvac, we set our target price at DKK 200 and have since raised that to DKK 400 following the approval and fast-tracking of Dendreon’s Provenge
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Norwegian (SELL - May 2010)
In May 2010, we downgraded Norwegian to SELL arguing that they, despite their superior operational performance, would be struck by the challenging market balance. Estimates were taken down as new capacity were expected to surpass demand growth resulting in lower yields.
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