Vow (Hold, TP: NOK25.00) - Strong performance in Landbased
In H1 Vow reported record-high revenues of NOK400m (our forecast: NOK406m, consensus: NOK386m) and EBITDA of NOK53m (our forecast: NOK52m, consensus: NOK50m) on strong performance in the Landbased segment. We have raised our 2023–2024e EBITDA by 19% on higher gross-margin assumptions in Landbased. Consequently, we have raised our target price to NOK25 (23), but reiterate our HOLD as we believe strong growth is already priced in.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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