Kongsberg Gruppen (No_rec, TP: NOK) - Intention to list Kongsberg Digital
Kongsberg Gruppen has announced it has initiated a process to potentially list Kongsberg Digital in 2022. Due to DNB Markets’ role in the potential listing of Kongsberg Digital, we have removed our recommendation (previously BUY) and target price (previously NOK330). The company has also updated its financial target for Kongsberg Digital to sales of NOK2.8bn in 2025 (from NOK3bn in 2024) due to a slower than expected ramp-up of its Vessel Insight product. It had recently alluded that it was lagging behind its initial growth projections, hence our estimates for the whole company are unchanged.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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