Vow: 14% top-line beat to consensus driven by - Nordea

Vow released its Q1 2023 trading update this morning (as a reminder, the company reports semi-annually), posting a 14% company-compiled consensus beat on the top-line and 4% at the EBITDA level. Group revenues came in at NOK 236m, 29% up y/y and 25% up q/q driven by a strong consensus beat in the cruise segment. Aftersales also bounced 86% y/y, while landbased came in 11% above consensus. At the EBITDA level, group EBITDA beat consensus by 4% (NOK 26m), however increased corporate costs as well as compressed cruise margins contributed to a 1pp EBITDA margin miss vs. consensus. The order backlog was 1.2bn excl. options, with the number driven by a 58% increase in the landbased segment. Going forward, the company notes strong newbuild activity in the cruise segment (now named maritime) and several opportunities arising in the land-based segment (now named industrial).

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=842626