Vow (Hold, TP: NOK21.00) - Looks fairly valued: down to HOLD
While H2 revenues were in line with our estimates and consensus, EBITDA fell short by 19% on higher costs, mainly due to personnel expenses. As a result, and partly due to slower phasing of the Landbased contract in the US, we have cut our 2023e EBITDA by 10%. We have thus lowered our target price to NOK21 (22) on estimate revisions and downgraded to HOLD (BUY) as we find the stock fairly valued. In our view, Vow needs to secure more firm contracts before we are likely to see a further re-rating. Our target price implies a 2023e EV/EBITDA of 19.0x and 2024e of 12.3x.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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