Vow: Back-end loaded 2023 on the cards - Nordea

Vow will publish its Q1 update on 9 May (the company reports semi-annually). In summary, we expect to hear of positive developments in the Cruise and Aftersales segments, with Q1 results expected to reveal 15% and 60% y/y growth, respectively, for the first half of the year. On the Landbased side, we see strong growth potential in 2023 (~30% y/y growth for 2023E), although we expect this growth to be more back-end loaded for the year. Going forward, we trim the 2023E top line by 3% and build in a slower EBITDA margin uplift. However, our tweaks are insignificant for long-term value changes, and our fair value range remains at NOK 36-41 per share. Marketing material commissioned by Vow.

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