Vow: Record revenue and top-line growth on the cards - Nordea

Vow reports its H2 2022 results on 23 February. We expect key focus points to be developments in the Landbased segment (further to several recent new announcements), cruise progress and guidance for 2023. We raise our top-line Cruise estimates, which drives expected sales of NOK 805m (NOK 789 previously and 1% above company-compiled consensus), while we shift some H2 revenues for Landbased into H1 2023 and adjust the cost base up in the near term. Our NOK 35-39 fair value range remains steady despite these tweaks; we maintain our positive view, given EBITDA positivity across all segments and 2023/24 EV/sales at 40% below cleantech peers. Marketing material commissioned by Vow.

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