Vow (Buy, TP: NOK39.00) - Brewing recovery in cruise
We have updated our model for the H1 results and our latest growth outlook; we have also included the spin-off of Vow Green Metals (VGM) in our valuation at market value. The latter part of H1 saw increased cruise activity, which should be a near-term catalyst for the high-margin Aftersales business. Following the VGM spin-off, we highlight the potential for crystalising value across additional verticals in the future. We reiterate our BUY, but have lowered our target price to NOK39 (54) in light of the spin-off.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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