Kongsberg Gruppen (No_rec, TP: NOK) - Short-term costs in focus
We expect a solid start to 2022, with Q1e EBITDA of NOK994m (results are due at 07:00 CET on 10 May). After recent surges in raw materials prices and supply-chain shortages, we believe the market will be focused on how well Kongsberg Gruppen manages to maintain its recent positive margin trend, particularly in Kongsberg Maritime, which has a 2022e EBITDA margin target of 13%. Due to DNB Markets’ 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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