Vow (Buy, TP: NOK15.00) - Expectations re-set
We struggle to find good explanations for the 40% share price decline since the H2 report other than the lack of large-order intake and still no news on a construction permit for the USD27m Landbased contract in the US awarded in May 2022. We have cut our 2024–2025e EBITDA by 27–30%, mainly on lower order-intake estimates in Landbased, and in turn our target price to NOK15 (21). However, we have upgraded to BUY (HOLD) following the re-set of implied growth expectations.Scanship Holding ASA in Norway-based company that designs, engineers, and produces solutions for waste management and wastewater purification for the cruise industry. The Company is also present in aquaculture industry where its products prevents pollution to sea and enable recirculation of valuable resources from fish production.
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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