Quality breeds resilience

Figures 8% above

Growth engine fuelled by Equinor

Q4e: We are +3% ahead of consensus. Equinor accounts for ~NOK 1.2bn (35%) of sales in '23e. Quality compounder: BUY, TP NOK 68.

Figures above on better utilisation

Activity level remains sound

Continued solid growth demonstrates customer resilience, but lower-than-expected utilisation puts further pressure on margins. Maintain BUY: target price of NOK 68 (74).

Slightly lower margins in Q2

Continued solid demand in Q1

Q1: Higher-than expected margins, but lower utilisation. Resilient customer base indicates good growth in 2023e. Maintain BUY: TP of NOK 74 (73).

Strong EBIT beat, but lower utilisation

Expect continued solid demand in Q1

Q1: Expect a continuation of the trends seen in Q4. Resilient customer base indicates good growth in 2023. Maintain a BUY rec. with target price of NOK 73 (64).