Company Announcement
22 December 2020
Announcement No. 32
Notification of major shareholding
With reference to Section 30 of the Danish Capital Market Act, NKT A/S has been informed that Greenvale Capital LLP’s total holding of NKT shares is below the 5% threshold.
Contact
Investor Relations: Michael Nass Nielsen, Head of Investor Relations, Tel.: +45 2494 1654
Press: Helle Gudiksen, Head of Group Communications, Tel.: +45 2349 9098
Attachment
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After a true annus horribilus, we’re all ready for better times. The US equity strategy team at Goldman Sachs, led by David Kostin, sees those better time ahead, and in the near-term. The team is predicting a 25% gain for the S&P 500 within the next 24 months – or to put it in absolute numbers, they believe the index will hit 4,600 by December 2022. Kostin lays out four clear reasons for believing that we’re at the start of another prolonged bull run. First, he notes the generally improving economic conditions; second, he points out corporate earnings growth; third, are the historically low interest rates, as the Fed sticks to its near-zero rate policy; and finally, there’s TINA, or ‘there is no alternative.’ Stocks are entering a virtuous circle, Kostin believes, as they offer the highest returns available for now.In a recent interview, Goldman’s chief equity strategist said of these points, “That's the story, it's about an economy that's getting better, coming off the pandemic, and generally getting better, and the Fed on hold. All of that is to the positive and I think the market is recognizing that and will continue to do that.”Goldman Sachs analysts are following Kostin’s lead, and pointing out three stocks that they think will gain from the general market rise. We ran the trio through TipRanks database to see what other Wall Street's analysts have to say about them.Lordstown Motors (RIDE)The first Goldman's choice is Lordstown Motors. This Ohio-based company, closely linked to Big 3 standard General Motors, is an electric vehicle maker. The company works out of the GM’s old Lordstown, Ohio assembly plant, which it purchased last year. Lordstown boasts over 6.2 million square feet of production floor space, and a capacity of 600,000 vehicles per year. The company’s flagship vehicle is the all-wheel drive Endurance pickup truck. The vehicle is based on a unique design, using individual electric motors at each wheel hub. The Endurance is scheduled for delivery in the fall of 2021.Founded in 2018, Lordstown Motors went public earlier this year through a merger with a ‘blank check’ company. These transactions are designed to provide capital for companies looking to enter the public market. As part of preparations for releasing its Endurance truck, Lordstown has entered into an agreement with Camping World Holdings (CWH), the RV maker. Camping World will train its mechanics on the new truck, and provide garage floor space for Lordstown’s customers. The agreement includes potentials for expansion, such as sharing sales, space and providing electric drive systems for RVs.Covering this stock for Goldman Sachs, analyst Mark Delaney writes, “We believe this collaboration is a first step to address Lordstown’s service footprint and charging infrastructure, and we view Lordstown’s decision to leverage an existing service footprint as a cost effective strategy… we believe that the broader customer experience, including service and charging, plays a significant role in product differentiation and can help EV start-ups to be successful. In our view, the ease and reliability of maintenance and charging is particularly important to Lordstown’s fleet/commercial customer base, which is focused on vehicle up-time.”In line with these comments, Delaney rates RIDE shares a Buy along with a $31 price target for the next 12 months. At current levels, that implies a 67% upside potential. (To watch Delaney’s track record, click here)Overall, RIDE shares get a Hold from the analyst consensus, reflecting Wall Street caution toward a new – and highly speculative – endeavor. The rating is derived from 4 recent reviews, evenly split between 2 Buys and 2 Sells. However, the $27.50 average price target suggests that RIDE has a 48% upside for the year ahead. (See RIDE stock analysis on TipRanks)Liberty Global (LBTYA)Next up is Liberty Global, a holding company in the telecom sector. Liberty has a global presence with operations in seven European countries: the UK, the Netherlands, Ireland, Belgium, Poland, Slovakia, and Switzerland. The company boasts annual revenues in excess of $11 billion.Through its subsidiaries, Liberty serves over 11 million customers with a combined 25 million subscriptions to broadband internet, TV, and telephone services. The company also claims 6 million mobile and wifi subscribers. Liberty is a leading investor in European digital and online infrastructure projects.Among the company’s recent moves was the acquisition of Swiss telecom provider Sunrise Communications last month. With completion of the transactions, Liberty Global now owns over 98% of Sunrise’s total share capital, making the Swiss company of a wholly owned subsidiary of Liberty Global Group.Goldman Sachs analyst Andrew Lee, in an extensive review of Liberty’s current business and market position, points out the Swiss acquisition as a key factor for the company’s future. He writes, “We view Sunrise as a quality asset, with sustained market share growth potential. We expect this to benefit LBTYA directly as Sunrise continues to win share from Swisscom but also to help stabilize the UPC asset.”Lee gives LBTYA shares a Buy rating along with a $33 price target. This figure implies ~36% one-year upside from current levels. (To watch Lee’s track record, click here)Like RIDE above, Liberty has an even split among its recent reviews – in this case, 3 Buys and 2 Holds, making the analyst consensus view a Moderate Buy. The shares are priced at $24.32, and the average price target of $30.12 indicates room for ~24% growth from that level. (See LBTYA stock analysis on TipRanks)Lufax Holding (LU)Fintech is a rapidly growing niche, and Lufax operates a personal financial services platform serving the Chinese market. The company provides wealth management for the fast-growing middle class in China, a population that is not only growing in size but also in affluence. Lufax offers financing solutions for personal and business loans to this population, which is not always well-served by China’s established banking sector. The company’s customer base includes small business owners and salaried workers.Revenue for the third quarter, reported earlier this month, came in at $2 billion in US currency. The EPS of 24 cents beat the estimates by 10 cents, or 71%. These numbers were down year-over-year, however.The key uncertainty facing Lufax at the present is state regulation. China’s government, while permitting a market-based economy, keeps a tight grip on economic activity generally, and modern, cutting edge companies like Lufax can run afoul of regulators who are sometimes uncomfortable with the digital world. The prospect of tighter regulation, as government officials seek to impose controls on fintech, has some investors worried.After an extensive review of the Chinese tech regulatory environment, Goldman’s Elsie Cheng, who covers Lufax, noted: “We remain constructive on Lufax’s capability to navigate through the continually evolving regulatory environment and deliver consistent value-add to its consumers/financial partners.”In light of that, Cheng rates LU a Buy alongside a $20 price target, which implies a 34% upside for the year ahead. (To watch Cheng’s track record, click here)All in all, the Moderate Buy analyst consensus rating on Lufax is based on 7 reviews, including 4 Buys and 3 Holds. The average price target of $17.70 indicates a potential 15% upside next year. (See LU stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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The savvy investor knows that the best time to buy is when a stock is priced low – it’s just the old game of ‘buy low and sell high,’ the age-old advice on how to make money. But markets have been rising lately, even taking some recent fluctuations into account. But with the S&P and the NASDAQ at or near record levels, it's hard to tell when a stock is priced low.The key is just to take them as individuals. The stock market is the world’s greatest real-time experiment in averaging over large mass numbers. The markets as a whole can go up, while a few individual stocks are slipping to the bottom. And when a stock hits bottom, as long its basics are sound, it becomes a buying opportunity.Wall Street’s analysts make their reputations by finding these opportunities, and bringing them to our attention. Prices fall for reasons, but not all of those reasons bode ill for the stock. We used the TipRanks database and pulled up the analyst commentary on two low-priced stocks that have attracted attention for the right reasons.Heritage Insurance Holdings (HRTG)We will start with Heritage Insurance Holdings, a property and casualty provider based in Florida. Heritage provides actuarial services, adjusting, claims processing, distribution, and underwriting in the residential and single-family homeowners, condo, and rental markets.So far, 2020 has been a difficult year for Heritage, with mixed results in profits and loss. On the negative side of the ledger, the company saw a significant increase in weather losses during Q3, with such payouts up to $47.3 million compared to $18.7 million in the year-ago quarter. On the positive side, the company expanded its homeowner insurance into Delaware, bringing it to 15 active states, and the company reported a 17% increase in gross premiums written, to $278.2 million.Even with the increase in gross premiums – a trend that has persisted all year – the stock performance as been highly volatile this year. The shares are currently down 25% year-to-date. Covering Heritage for JMP Securities, analyst Matthew Carletti notes that the company has initiated partnerships this year with several national names (GEICO, Liberty Mutual, and others), allowing it to expand beyond its Florida base. At the bottom line, Carletti writes, “We note that Heritage’s operating leverage is currently quite low for its line of business (circa 1:1), meaning that there is substantial headroom for its insurance subsidiaries to grow without the need for additional capital generation. While we see the potential for acquisition of an ongoing whole company as unlikely, we would not be surprised to see an opportunistic deal involving renewal rights or a similar structure as many of Heritage’s Florida peers are struggling against deteriorating results, regulatory capital shortfalls, and limited prospects for new capital.”These comments back Carletti’s $16 price target and Outperform (i.e. Buy) rating. At current prices, his target implies an upside of 66% for the coming year. (To watch Carletti’s track record, click here)Overall, Heritage’s stock retains a Strong Buy rating from the analyst consensus, based on a unanimous 3 recent Buy reviews. The stock is selling for $9.65 and has an average price target of $15, making the one-year upside potential 55%. (See HRTG stock analysis on TipRanks)LexinFintech Holdings (LX)From insurance, we move over to online consumer finance, a niche with enormous appeal to China’s fast-growing – and increasingly wealthy – middle class. Nevertheless, this demographic cannot always access traditional sources of capital in China’s banking system. LexinFintech, a holding company with subsidiaries offering wealth management, monetary loans, and installment payments as an online service, fills the gap.LexinFintech reported some strong metrics in the third quarter. Loan originations rose by 30% in the quarter, while the number of orders placed using the company’s platform rose by 49% year-over-year, to 84.4 million. The user statistics were especially strong: active platform users with a loan rose by 21% yoy, to 7.4 million, and total registered users hit 106 million for an impressive 69% you increase. On the financial side, revenues were up ~6% yoy, to reach RMB3.15 billion ($480 million in US currency). Gross profits and net income, however, were both down. Profits fell by 42% yoy, and income dropped 52% compared to Q3 2019. These were the metrics investors took away. LX shares are down 55% year-to-date.In a note on LX for Credit Suisse, analyst Yiran Zhong notes the negatives and positives from Q3: “QoQ decline in net profit was primarily driven by sequentially higher provisions for credit losses, reflecting legacy asset quality impact from COVID-19 and more volatile risk performance for customers acquired in 2H19.” Moving on from there, Zhong also points out the company’s upbeat stance on forward performance: “Lexin reaffirmed its full-year volume guidance of Rmb170-180 bn, on the back of good momentum in consumption-driven customer acquisitions. It is also shifting swiftly towards profit-sharing loan facilitation model, which has reached 50% of total volume in Oct.”In Zhong’s view, the positive outweigh the negatives. The analyst concluded, "Lexin remains well-positioned to benefit from post-pandemic recovery in household consumption, supported by its new consumption platform strategy."To this end, Zhong rates LX an Outperform (i.e. Buy) along with a $9.70 price target. This figure suggests 54% upside in the next 12 months. (To watch Zhong’s track record, click here)With 3 recent Buy reviews, the analyst consensus rating on LX is a unanimous Strong Buy. The stock is selling for $6.33 and it has a $10.49 average price target that implies a one-year upside of 66.5%. (See LX stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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Canoo Holdings Ltd., a Los Angeles-based electric vehicle (EV) maker, said Tuesday it has completed its reverse merger with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp., so its stock will now begin trading on the Nasdaq under the ticker symbol "GOEV." The stock is surging 12.9% in premarket trading. "This next chapter is a very important one for Canoo as we prepare to complete advanced testing of our innovative electric mobility platform and to bring our recently unveiled multi-purpose delivery vehicle to limited production in 2022, and to commercial production and rollout in 2023," said Canoo Executive Chairman Tony Aquila. The new EV stock's rally comes on a mixed day for other U.S.-based EV makers ahead of Tuesday's open, with shares of market leader Tesla Inc. up 0.3%, Nikola Copr. down 0.9% and Workhorse Group Inc. up 2.0%. Meanwhile, futures for the S&P 500 are up 0.2%.
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