Vow (Buy, TP: NOK15.00) - Revenues beat, but soft margin
Vow reported strong Q1 revenues, 23% above our estimate and 14% above consensus, but with low conversion to EBITDA (EBITDA margin broadly in line our estimate but 1.1%-points below consensus). Management remained upbeat on Industrial solutions, but with firm contracts still being pushed out in time, we believe the market put little emphasis on this. With the stock trading at a 2023e EV/EBITDA of 11.9x and a 2024e of 10.2x, the implied growth expectations have come down. We reiterate our BUY and NOK15 target price.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.