Kongsberg Gruppen (Buy, TP: NOK550.00) - Stand by for ‘harvesting’ mode
We expect Q3 EBITDA of NOK1,529m (results due at 07:00 CET on 27 October), up 13% YOY, and 3% above consensus, reflecting a continued firm growth trajectory. We believe the solid Defence order intake in Q3 (we estimate ~NOK20bn) to be a sign of things to come and estimate a divisional revenue CAGR of ~19% for 2022–2025. We have raised our 2024–2025e EPS by ~3%, reflecting an even stronger Defence outlook. We reiterate our BUY and NOK550 target price.Kongsberg Gruppen supplies technology systems and solutions to customers engaged in the oil and gas industry, the merchant marine, and the defense and aerospace industries. Co.'s operating segments are Kongsberg Maritime, which delivers products and systems for commercial vessels and offshore installations, as well as for seabed surveys, surveillance, training simulators and fishing vessels and fisheries research; Kongsberg Defence Systems, a supplier of defence and space-related systems; Kongsberg Protech Systems, which provides weapon guidance system Protector RWS for military use; and Kongsberg Oil & Gas Technologies, a supplier of solutions to the international oil and gas industry.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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