Vow: Record-high revenue, profit and backlog - Nordea

Vow reported strong headline figures across the board for H1. Cruise activity is picking up speed, while Landbased continues its strong performance, beating our expectations and growing more than 4x y/y. We consider the report yet another step in the right direction for the company, which currently trades at a large discount to cleantech peers – despite its positive EBITDA contributions across the board. We keep our SOTP-based fair value range of NOK 35-39 unchanged, arguing the company is significantly undervalued at current levels.

Marketing material commissioned by Vow.

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