Vow: Long-term story remains attractive - Nordea

Vow published its H2 update on 23 February with numbers slightly below our expectations. However, the report contained several positive datapoints validating the equity story. The order backlog remains high, providing clear visibility on 2022 revenue. The Landbased segment delivered its first ever positive EBITDA and we have seen an increasing number of cruise ships in service from Q3 and Q4 2021. We still believe in Vow's green credentials and flag that the Landbased segment will become a significant growth engine. Following the report, we make only minor revisions to our 2022E-2024E estimates and reiterate our SOTP-based fair value range of NOK 35-39 per share. Marketing material commissioned by Vow.

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