Vow: Impressive activity across the board - Nordea

Vow published its Q1 update on 9 May, posting a 14% beat to company-compiled consensus on the top line and a 4% beat on EBITDA. Segmentally, Vow noted all-time-high activity in Maritime (formerly Cruise), with Aftersales also rebounding 88% y/y. We adjust our estimates accordingly, resulting in 3% and 2% revenue uplifts for 2023E and 2024E, respectively. However we soften our margin forecasts, resulting in, respectively, 2% and 5% decreases for the same years. Our estimates imply an unchanged SOTP-based fair value range of NOK 36-41, with the value of the established Maritime segment more than covering the entire share price level at present. Combining this with a more than 30% share price drop YTD, an unwarranted share price fall on the day of the Q1 report, and more than a 50% discount to Nordic cleantech peers on an EV/EBITDA basis, we see good value in Vow. Marketing material commissioned by Vow.

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