Kongsberg Gruppen (No_rec, TP: NOK) - Coasting on structural tailwinds
Q3 EBITDA was a record high NOK1,360m, 22% above our estimate and 23% above consensus, driven by a sustained strong aftermarket in Kongsberg Maritime (KM), which recorded EBITDA 21% above our estimate. In addition, Kongsberg Defence & Aerospace’s (KDA) EBITDA beat our estimate by 22%, driven by increased activity on long-term contracts and slightly higher margins than we had forecast. We have raised our 2023–2024e EPS by ~3% following the report. Due to our role in the potential listing of Kongsberg Digital, we have no recommendation or 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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