Vow (Hold, TP: NOK21.00) - Slow order intake for Landbased
Besides the contract in Follum (included in Q3), order intake in Landbased has been slow, with only one contract awarded since Q3. On the other hand, the Projects Cruise segment continues to perform well, paving the way for investments in Landbased, which still needs to deliver to justify the current share price in our view. We reiterate our HOLD, but have cut our target price to NOK21 (25) on estimate revisions.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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