Vow (Buy, TP: NOK21.00) - Miss on high growth expectations
We have cut our H2e revenues by 17% on the soft Q3 results and the company’s expectation of flat revenues QOQ in Q4 (due to the timing of new contract awards). Nevertheless, we are impressed that Vow continues to report strong margins in the Landbased segment despite lower revenues QOQ. Given the outlook for further strong revenue growth YOY in 2023e on backlog execution and likely new contract awards, we reiterate our BUY and NOK21 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.
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