Vow: Strong order book will be supportive - Nordea

Low cruise activity is putting Vow's aftersales market under pressure in the short term. Although EBITDA came in below our expectations, the company continues to display y/y growth. We also find its currently strong order book of NOK 1,146m supportive, as it secures revenues into 2024 and 2025 via newbuild projects. As we enter autumn, we expect Vow's installations within its land-based activities to become operational, and we believe that the proof of concept will result in further contracts. In line with our negative estimate revisions, we reduce our DCF-based fair value range to NOK 19-24 per share.

https://research.nordea.com/CompanyDetails/14943/Vow

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