Recently, the shorts on Oslo Børs have gained a new favourite. Now PGS sits at the top of the list of Børsen’s most shorted shares, followed by Nordic Semiconductor and Nel. This is evident from The Danish Financial Supervisory Authority’s short register.
There is currently a wide spread among the brokerage houses as to whether PGS will have to raise money. Last week, DNB came up with a new analysis in which they believed that PGS must bring in new equity during the second half of the year in order to handle the debt situation.
While other house brokers such as ABG and Fearnley do not think it will be necessary for the company to raise money.
– PGS needs a cash flow of USD 100 million from the second quarter through the end of the year to be able to handle the obligations. I’m in with 120, so I think they’ll make it by a good margin, John Olaisen told Finansavisen earlier this week.
He thinks the share is ridiculously cheap and believes the share should almost double.
PGS trades at an EV/EBITDA of 2.6x for 2023 and 1.8x for 2024. The head of research thinks that is ridiculously cheap.
– The multiples here are ridiculously low, said Olaisen.
Olaisen is in with a price target on PGS of NOK 11.
The «short classics» remain
The second most sold company is Nordic Semiconductor. After negative news and analyst slaughter, short interest has increased sharply. At the end of April, the company presented gloomy quarterly figures and the share plunged 18 per cent on the same day. The analyst corps reacted by sharply cutting price targets. Now the price targets range from NOK 90 to NOK 200.
Nel continues to be a favorite among the shorts and takes third place on the list of Børsen’s most shorted shares. Among the shorts, Nel probably ticks several of the boxes for a good short candidate. The share is so highly valued that DNB Markets believes the company must have a market share of almost 50 per cent to defend the valuation of the company.
The fact that Nel delivered above expectations in the first quarter has not scared away the shorters. The short share of 3.45 per cent is unchanged from April. So far this year, the share has risen 3.9 percent.
The stock exchange’s most shorted shares
NummerSelskapShort-andel i %1PGS4,582Nordic Semiconductur4,333NEL3,644Norske Skog2,425REC Silicon2,396Borr Drilling2,217Scatec2,198XXL1,899Subsea 71,1110Autostore0,96
The Danish Financial Supervisory Authority
2023-06-29 16:37:26
#favorite #among #shorts #Oslo #Børs
