Vow (Buy, TP: NOK21.00) - Time to revisit
With consensus 2-year forward EV/EBITDA for Vow down 41% to 8.2x since mid-August, implied growth expectations are also lower. While the company has not announced any contracts since end-Q2, the USD27m breakthrough Landbased win in the US in May should support 2023e earnings and could offer an important reference together with the Follum project in Norway for contracts in the future. We have upgraded to BUY (HOLD) but cut our target price to NOK21 (25) on lower peer group multiples.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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