Vow (Hold, TP: NOK21.00) - Neutral report
Vow reported H2 revenues in line our estimate and 3% above consensus, with more rapid progress of delivery of equipment to the Follum plant than widely expected In Landbased. EBITDA before non-recurring items was 12% below our estimate and 11% below consensus, driven by higher than expected admin costs. Management reiterated its expectation of the cruise industry returning to normal. We consider the report neutral and expect limited estimate revisions on the back of it.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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