Vow (Hold, TP: NOK21.00) - Puzzling share price reaction
We are puzzled by yesterday’s share price reaction (up 33%), as we view the H2 report as neutral, with the 2022 guidance for revenues to nearly double YOY in line with consensus. However, we believe Vow’s confirmation of the solid backlog and its expectation of strong 2022 revenues may have provided comfort to the market and de-risked high sell-side revenue growth expectations. In our view, strong growth appears to already be reflected in the share price. We reiterate our HOLD 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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