reports
- Martin Hoang Nguyen
- Martin Hoang Nguyen
- Ola Trovatn
- Ole-Andreas Krohn
- Simen Aas
- Steffen Evjen
- Martin Hoang Nguyen
Vow (Buy, TP: NOK15.00) - Revenues beat, but soft margin
Vow reported strong Q1 revenues, 23% above our estimate and 14% above consensus, but with low conversion to EBITDA (EBITDA margin broadly in line our estimate but 1.1%-points below consensus). Management remained upbeat on Industrial solutions, but with firm contracts still being pushed out in time, we believe the market put little emphasis on this. With the stock trading at a 2023e EV/EBITDA of 11.9x and a 2024e of 10.2x, the implied growth expectations have come down. We reiterate our BUY and ...
- Martin Hoang Nguyen
Cambi (Buy, TP: NOK12.00) - Tailwinds continue
The Q1 results were strong, with higher EBITDA than in all full years since at least 2015, significantly de-risking our estimates on strong revenue growth from 2022. With a backlog of NOK1.1bn and an outlook for continued solid order intake, we believe the stock should attract more attention. We have upgraded to BUY (HOLD) and raised our target price to NOK12 (9) on the encouraging Q1.
- Alexander Aukner
- Håkon Astrup
- Hanna Lindbo
- Helene Kvilhaug Brøndbo
- Joachim Gunell
- Jørgen Lian
- Martin Hoang Nguyen
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Alexander Aukner
- Håkon Astrup
- Helene Kvilhaug Brøndbo
- Jacob Berg Nielsen
- Johan Skoglund
- Jørgen Lian
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Niclas Gehin
- Niklas Wetterling
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Aas
- Simen Mortensen
- Steffen Evjen
NOVO B NOVO NORDISK A/S CLASS B
PEAB B PEAB AB CLASS B
SRBNK SPAREBANK 1 SR-BANK ASA
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ROCK B ROCKWOOL INTERNATIONAL A/S CLASS B
SVEG SPAREBANKEN VEST
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
SKA B SKANSKA AB CLASS B
MOWI MOWI ASA
AAK AAK AB
OKEA OKEA
INSTAL INSTALCO AB
AROS AROS BOSTAD
ELO ELOPAK ASA
HAUTO HOEGH AUTOLINERS ASA
OTOVO OTOVO
- Martin Hoang Nguyen
Vow (Buy, TP: NOK15.00) - Expectations re-set
We struggle to find good explanations for the 40% share price decline since the H2 report other than the lack of large-order intake and still no news on a construction permit for the USD27m Landbased contract in the US awarded in May 2022. We have cut our 2024–2025e EBITDA by 27–30%, mainly on lower order-intake estimates in Landbased, and in turn our target price to NOK15 (21). However, we have upgraded to BUY (HOLD) following the re-set of implied growth expectations.
- Aurore Tigerschiöld
- Douglas Lindahl
- Emil Jonsson
- Frank Maaø
- Geir Hiller Holom
- Håkon Astrup
- Helene Kvilhaug Brøndbo
- Jacob Berg Nielsen
- Jesper Ingildsen
- Johannes Grunselius
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Nicolas McBeath
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Aas
- Stefan Gauffin
- Steffen Evjen
- Tomi Railo
NDA DKK NORDEA BANK AB
DSV DSV PANALPINA A/S
SOBI SWEDISH ORPHAN BIOVITRUM AB
PGS PGS ASA
EPR EUROPRIS ASA
CARL B CARLSBERG A/S CLASS B
MORG SPAREBANKEN MORE
TREL B TRELLEBORG AB CLASS B
METSB METSA BOARD OYJ CLASS B
KOG KONGSBERG GRUPPEN ASA
MEDIO MEDISTIM ASA
CATE CATENA AB
RESURS RESURS HOLDING
SHOT SCANDIC HOTELS GROUP
CGCBV CARGOTEC OYJ CLASS B
SKF B SKF AB CLASS B
ESSITY B ESSITY AB CLASS B
BIOA B BIOARCTIC AB
ATCO A ATLAS COPCO AB CLASS A
VOW VOW ASA
LYKO A LYKO GROUP
NSKOG NORSKE SKOG
SINCH SINCH AB
DNB DNB ASA
VOLCARb VOLVO CARS
AUTO AUTOSTORE HLDGS LTD
HPUR HEXAGON PURUS
KOMPL KOMPLETT ASA
- Håkon Astrup
- Johan Skoglund
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole-Andreas Krohn
- Patrik Ling
- Steffen Evjen
- Tomi Railo
- Christoffer Wang Bjørnsen
- Martin Hoang Nguyen
- Ole-Andreas Krohn
- Patrik Ling
- Steffen Evjen
- Tomi Railo
- Martin Hoang Nguyen
Cambi (Hold, TP: NOK9.00) - Time for a pause
With strong share price performance YTD, especially since its Q4 report, we find the shares fairly valued using a 2023e EV/EBITDA of 13x. While we see a fair value potential to NOK13/share if using 2024e, we would like to see some confirmation on this year’s estimates before emphasising 2024e and onward, as our 2023e revenues imply 54% YOY growth and 2024e another 18%, despite strong order intake in 2022e having significantly de-risked our forecasts. Thus we have downgraded to HOLD (BUY) but rei...
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Steffen Evjen
- Martin Hoang Nguyen
- Ole-Andreas Krohn
- Martin Hoang Nguyen
Cambi (Buy, TP: NOK9.00) - Long-awaited start of tailwinds
Cambi reported solid Q4 results, well above our estimates. Although this was somewhat timing related, based on faster project execution than we expected, we believe this marked the start of tailwinds following several disappointing quarters. The report also increased our confidence in our 2023 estimates, with Cambi’s 2023–2024 equipment order intake target raised by ~NOK300m (on a like-for-like basis). We reiterate our BUY and have increased our target price to NOK9 (8) based on a 2023e EV/EBITD...
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Niclas Gehin
- Ole-Andreas Krohn
- Patrik Ling
- Steffen Evjen
- Martin Hoang Nguyen
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...
- Alexander Aukner
- Johannes Grunselius
- Jørgen Lian
- Martin Arnell
- Martin Hoang Nguyen
- Ole-Andreas Krohn
- Martin Hoang Nguyen
Cambi (Buy, TP: NOK8.00) - Tailwinds ahead
We believe Q4 could mark the start of strong revenue and earnings growth QOQ for the next few quarters. We see a continued strong backlog build, with NOK490m–590m in announced equipment order intake lifting the backlog to above NOK1bn in Q4e. We reiterate our BUY and have increased our target price to NOK8 (7) on estimate revisions.
- Martin Hoang Nguyen
Vow (Buy, TP: NOK22.00) - Waiting for large contracts
Ahead of the H2 report, we forecast Q4 revenues of NOK191m, broadly in line with the guidance but 7% below Bloomberg consensus. Before Christmas, Vow announced another MoU in Landbased, but with previous firm contracts taking longer than expected from MoU, the market is unlikely to put too much emphasis on this. We consider the continued progress in the segment positive, reiterating our BUY and raising our target price to NOK22 (21) on higher peer-group multiples.
- Helene Kvilhaug Brøndbo
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Steffen Evjen
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