Energy Morning - 23 June 2026

研报英文原文证据摘录

Energy Morning - 23 June 2026

including dividends) for the market is 8% per annum, or 4% on a 6-month basis. Therefore, when

we rate a stock a BUY, we expect an absolute return of 9% or better over six months. Volatility and low trading volumes mean

that we have a wider range for expected returns on small cap stocks than for large caps.

ABG Sundal Collier’s analysts publish price targets for independent research and may publish valuation ranges for

commissioned research. These price targets or valuation ranges rely on various valuation methods. One of the most frequently

used methods is the valuation of a company by calculation of that company’s discounted cash flow (DCF). Another valuation

method is the analysis of a company’s return on capital employed relative to its cost of capital. Finally, the analysts may analyse

various valuation multiples (e.g., the P/E multiples and the EV/EBITDA multiples) relative to global industry peers. In special

cases, particularly for property companies and investment companies, the ratio of price to net asset value is considered. Price

targets and valuation ranges are changed when earnings and cash flow forecasts are changed. They may also be changed

when the underlying value of a company’s assets changes (in the cases of investment companies, real estate companies or

insurance companies) or when factors impacting the required rate of return change.

Expected updates

ABGSC has no fixed schedule for updating its research reports. Unless expressly stated otherwise, ABGSC expects (but does

not undertake) to issue updates when considered necessary by the research department, for example following the publication

of new figures or forecasts by a company or in the event of any material news on a company or its industry.