Vow (Buy, TP: NOK54.00) - Slower turnaround, but solid potential

Vow’s Q1 trading update was overshadowed by adverse markets in its traditional cruise business, while progress on ramping up its landbased business and delivering on the existing backlog has led us to lower our growth trajectory slightly. We believe Vow’s incubator model paves the way for several verticals beyond Vow Green Metals (VGM) that should doubly benefit Vow shareholders. Hence, we reiterate our BUY, but have cut our target price to NOK54 (62).

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Vow (Buy, TP: NOK36.00) - Growth case set to materialise

The Covid-19 impact was felt in trough Aftersales revenues in Q3, but Vow still managed to significantly outperform our margin forecast. Hence, we have raised our margin estimates, and see continued headwinds for Aftersales until mid-2021 being more than offset by strict cost control. We expect the Landbased growth case to materialise in the coming months as milestones are reached. We reiterate our BUY and have raised our target price to NOK36 (30).

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Vow (Buy, TP: NOK30.00) - H1 behind us, but little has changed

Vow reported solid operational results in H1 in our view, and despite its main customers in the cruise industry being severely affected by Covid-19, it has another record-high backlog. While we see further challenges for cruise liners near-term, the long-term project sales business reported stable performance, and land-based is still poised to be the growth engine. We reiterate our BUY and NOK30 target price.

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Vow (Buy, TP: NOK30.00) - Q1 a positive, outlook unchanged

The Q1 results were above our expectations and hence a positive, in our view, further solidified by a good outlook for Q2, despite expectations that the cruise-related business could see a slowdown in aftersales. This comes as no surprise to us, but we are instead comforted by the improved performance in Q1, with the traditional Scanship business reporting a record-high EBITDA margin. We reiterate our BUY and NOK30 target price.

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Vow (Buy, TP: NOK30.00) - Coronavirus to delay growth

Heightened uncertainty caused by the pandemic has essentially pushed out our expected growth trajectory by 12 months. The impact should be short-term in our view, as the company’s long-term growth drivers remain, but is detrimental to near-term estimates. We believe the stock’s recent underperformance is unfair as Vow’s financial strength should endure near-term headwinds and position the company for a rebound. We reiterate our BUY; target price cut to NOK30 (36).

Vow (Buy, TP: NOK36.00) - Short-term pain, long-term gain

We have increased our cost estimates for Vow’s land-based business on the back of the H2 report, and in turn lowered our short-term earnings forecasts. However, we see a smaller impact long-term, as our investment case hinges on expectations of significant revenue growth in the coming years. We believe the negative share price reaction after the results was overdone, and view the weakness as a particularly attractive entry point for investors seeking exposure to a growth story elevated by ESG ...

Vow (Buy, TP: NOK38.00) - Waste not, want not

Vow (VOW NO, upgrade to Buy) - Waste not, want not (99 pages)

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